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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1663)5/18/2000 5:07:00 AM
From: Greywolf  Read Replies (1) of 2742
 
Back in Albania!

Lundin Oil AB Announces Recommencement of Exploration
Activities in Onshore Albania

Lundin Oil AB ("Lundin Oil") is pleased to announce that Force Majeure has been lifted
as of April 15, 2000 on 2 of the 3 blocks onshore Albania in which it is currently a
partner. Under an agreement reached with the Albanian government, Blocks 2 and 3
will have Force Majeure lifted while Block A will remain in Force Majeure for the
present time. The blocks were awarded in June of 1998 and have been in Force
Majeure since December of that same year. The group includes a subsidiary of
Occidental International Exploration and Production Company ("Oxy") with 50%,
Forest Oil Albania ("Forest") with 30% and Lundin Oil subsidiary Lundin Albania
Limited with 20%. Oxy is operator for the group.

Preparations are underway to commence drilling operations in the 4th quarter of 2000
on the Shpiragu prospect (formerly known as Sqepuri) in Block 2 which is a large
sub-thrust structural feature with over 3,000 metres of vertical closure. Several
additional large leads have been identified on existing seismic and landsat images.

The blocks are located within and on trend with the previous petroleum system in
Albania where an estimated 1 billion barrels of recoverable reserves have been
discovered. Most of the existing oil fields in Albania are located within the boundaries
of Blocks 2 and 3. The current producing area of these fields have been excluded from
the permits, however, rights to deeper exploration objectives below these fields are
included.
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