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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1843)9/25/2000 9:55:35 AM
From: Tomas  Read Replies (1) of 2742
 
Lundin Oil spuds exploration well in Libya

International Petroleum Libya Ltd ("IPLL"), the wholly owned subsidiary of Lundin Oil AB ("Lundin Oil"), which operates Area NC177 Onshore Libya in Joint Venture with the National Oil Corporation has resumed exploratory drilling with the spudding of the D1-NC177 well. The well is located 65 kms southwest of the En Naga Oil field discovered by IPLL in 1998 and currently under development. The proposed total depth of the well is 3,500 meters and it is expected to take approx. 65 days to drill after which a decision to test will be made. Another exploratory well will be drilled immediately following the completion of D1-NC177.

Ian H. Lundin, Chief Executive Officer of Lundin Oil, commented as follows: "Libya is a core area for Lundin Oil and the commencement of this drilling campaign represents another chapter in our long involvement in the country. In the event of a discovery the economics of tieing it in to the facilities that will already have been developed at En-Naga are very attractive."

Lundin Oil is an Independent Swedish oil company exclusively engaged in oil and gas exploration and production. The Company produces oil and gas in the UK sector of the North Sea as well as offshore Malaysia/Vietnam. Lundin Oil has development projects in both Libya and offshore Malaysia/Vietnam, with ongoing exploration interests in Libya, Albania and Sudan.

The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol "LOILB") and on NASDAQ (symbol "LOILY").

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