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

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To: hubbabuba2 who wrote (2045)	2/23/2001 9:28:25 AM
From: Greywolf	Read Replies (1) of 2742

RECORD PROFITS AND STRONGER PORTFOLIO FOR LUNDIN OIL IN 2000 Lundin OIl 23-02-2001 REPORT FOR THE YEAR ENDED 31 DECEMBER 2000 Lundin Oil AB, a Swedish independent oil company with exploration and production activities in eight different countries worldwide, releases today the financial results for 2000. Lundin Oil is listed on NASDAQ (symbol "LOILY") and the Stockholm Stock Exchange (symbol "LOILB"). Ian Lundin, President and CEO of Lundin Oil comments: ?x201C;We now leave a very good year behind us. Lundin Oil can look back on a record year concerning both operating cashflow and profit. Our major development projects in Libya and Malaysia/Vietnam are moving forward and I expect increased production from these areas to provide future growth in profit and cashflow. In addition, we continue to retain significant upside exposure to increases in oil reserves through our current ongoing exploration programs in Sudan, Malaysia and Albania. Lundin Oil has a solid financial position and a well balanced portfolio of oil and gas assets for future growth. RECORD PROFITS – STRONGER PORTFOLIO The year 2000 was a year of record cash flow and net profit. It was also a year of important additions to our portfolio through the official approval of our major development projects in Libya and Malaysia/Vietnam and the signing of a new Block in Malaysia. Lundin Oil finished the year with a net profit of MSEK 225.5 or SEK 2.37 per share, compared to a profit of SEK 12.6 million in 1999. This profit is the strongest in Lundin Oil?x2019;s history. Furthermore, Lundin Oil has a solid financial position, proven by a debt to equity ratio of approximately 20% at year end. In 2000, Lundin Oil?x2019;s operating cash flow increased by 47 percent to MSEK 544.4 from MSEK 370.8 in 1999. The operating cash flow per share amounted to SEK 5.72 in 2000, resulting from the Company?x2019;s stable production in the UK North Sea and Malaysia/Vietnam. lundinoil.com

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