Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: balisurf who wrote (402)	4/27/2000 6:38:00 AM
From: Tomas	of 2742

Lundin Oil Commences Sale Process of Minority Interest in Block PM-3 CAA Offshore Malaysia/Vietnam Lundin Oil, through its subsidiary Lundin Malaysia Ltd, has commenced the process to divest of a minority interest in Block PM-3 CAA offshore Malaysia/Vietnam. A select group of oil companies viewed as potential Strategic Partners will be invited to bid for a minority interest on a competitive basis. The process will be managed by Resource Investment Strategy Consultants, RISC, of Perth, Western Australia. The sales process is estimated to be ongoing for approximately six months. Lundin Oil President Ian Lundin comments "We believe that by bringing in a strong partner whose objectives are similar to ours, we significantly reduce any financing risk associated with the project while maintaining our strategic presence in this important growth area". 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. Background Note RISC: RISC has been selected by Lundin to manage the divestment of part of their PM3 interest RISC provides advice to the oil and gas industry on the acquisition, development, management and sale of assets. Since 1994 the company has provided technical and commercial advice to over 100 clients world-wide, but specialises in the Asia-Pacific region. Background PM-3 CAA Earlier this year Lundin Malaysia Ltd and the parties to the PM-3 CAA executed a Gas Sales Agreement for the sale of gas for 20 years to Petronas and PetroVietnam: at the same time Petronas and PetroVietnam approved the Field Development Plan for the development of Phase 2 and finalized the Unitisation Agreement. The implementation program is on schedule to meet first gas by the 3rd quarter of 2003. For further information, please contact: Ian H. Lundin, President Tel: +41 22 319 6600 Magnus Nordin Tel: +46 8 440 54 50 cgi.algonet.se lundinoil.com

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