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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Greywolf who wrote (1647)5/10/2000 9:39:00 AM
From: Tomas   of 2742
 
Red Sea Corp. initiates Libyan oil field development - World Oil Magazine, May issue

Phase 1 development has begun at the En Naga North and West field in Area NC177, onshore Libya. The field, which is operated by Red Sea Oil Corp. (60%) and parent firm Lundin Oil AB (40%), will initially produce at a rate of 16,500 bopd in the first quarter of 2001.
Peak production in Phase 2 is stated to be at 24,000 bopd. A 3-D seismic survey of En Naga North and West is now in progress, with completion estimated by the end of May.
In addition, data is currently being processed on 400 km of new 2-D seismic just completed. Preliminary results are promising, and exploration drilling will resume in July, with two wells planned.
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