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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1485)2/10/2000 4:10:00 AM
From: Greywolf  Read Replies (1) of 2742
 
Malaysia/Vietnam Gas Sales Agreement Signed. PM-3 Gas
Project to Proceed.

Lundin Oil AB ("Lundin Oil") is pleased to announce the signing of a gas sales
agreement with Petronas and PetroVietnam, the Malaysian and Vietnamese national
oil companies, whereby 250 million cubic feet per day of gas will be sold from the
PM-3 Commercial Arrangement Area ("PM-3 CAA") over a period of up to twenty
years.

Approval has been received from Petronas and PetroVietnam to the field development
plan for Phases 2 and 3 of the PM-3 CAA project which envisages first gas delivery in
the second half of 2003 and initial liquids production of 40,000 barrels per day. All
other documentation is now agreed to allow the project to proceed.

Ian H Lundin, President of Lundin Oil, commented "The finalization of the gas sales
agreement with Petronas and PetroVietnam is a historic milestone for the company.
We have been extremely successful in discovering oil and gas in Malaysia over the
past few years and we look forward to bringing these reserves into production. We
have already discovered substantial quantities of oil and gas and are confident that the
PM-3 CAA area contains significant additional reserves that will assist in developing
the growing economies of Malaysia and Vietnam well into the new millenium".

Lundin Oil has a 41.44 percent working interest (held through Lundin Malaysia Limited
with 26.44 percent and Lundin Malaysia AB with 15.00 percent) and is the Operator of
Block PM-3 CAA. The remaining interest is held by Petronas Carigali Sdn Bhd with
46.06 percent and PetroVietnam Exploration and Production with 12.50 percent.
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