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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tomas who wrote (1559)	3/23/2000 2:02:00 PM
From: Greywolf	Read Replies (2) of 2742

Commences US$620 Million Phase 2 Development of PM3-CAA in Malaysia VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23, 2000-- Lundin Oil AB (NASDAQ:LOILY - news; the ``Company') is pleased to announce the appointment of the key management roles for the implementation of the Phase 2 development within its wholly owned subsidiary, Lundin Malaysia Limited, operator of PM3 - CAA. Mr. Edward H. Webb has been appointed General Manager. Mr. Webb has extensive management experience in the resource sector and has recently been involved with two other Lundin projects, namely, the PNG Gas Pipeline Project in Australia and the Tenke Mining Project in Democratic Republic of Congo. Mr. Stewart Mushet, Deputy General Manager, has 25 years experience in the engineering and management of projects in the oil and gas and petrochemical industries. Recently he has been responsible for the preparation of the Development Plan for the Phase 2 project. Other key appointments are Mr. Allan Scott as Project Director with more than 30 years experience in the petrochemical and oil and gas industries involving major offshore-related fabrication facilities and large oil and gas projects. Mr. Paul Atkinson is Operations Manager with 24 years experience in production, well operations, reservoir engineering and formations evaluation. Mr. Atkinson has worked for Lundin Oil for six years and previously spent twelve years with BP. The Lundin Malaysia Limited management team are about to commence the basic engineering with the engagement of a contractor to provide a set of detailed drawings and specifications for the design of the facilities by the end of August 2000. In addition detailed specifications will be developed for a new build Floating Storage and Offloading Vessel (FSO) that would receive, store and offload the oil production. This will allow the tendering of the hull-by mid-year. The implementation program is on schedule for delivery of the facilities to meet first gas by the third quarter of 2003. The facilities to be installed in Phase 2, of this world class development, are shown in the attached schematic. Lundin Oil AB has a 41.44 percent working interest (held through Lundin Malaysia Limited - 26.44 percent and Lundin Malaysia AB - 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 12.5 percent.

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