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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Timelord who wrote (2073)2/26/2001 8:34:15 AM
From: Greywolf   of 2742
 
Libya: Process Facilities and Pipeline Construction Contracts Awarded,

Lundin Oil AB is pleased to announce the achievement of a crucial milestone in the development of its En Naga North and West Field. International Petroleum Libya Limited (IPLL), a wholly owned subsidiary of Lundin Oil AB and operator of the En Naga Development in Area NC177, has awarded two engineering, procurement, installation and construction (EPIC) contracts for the construction of processing facilities and a 94.5 km pipeline.

The pipeline will connect the En Naga Development with the existing pipeline network which will take the produced oil to export facilities on the Mediterranean coast.

Ian H Lundin, President of Lundin Oil AB said ?x201C;The award of these contracts is a significant step towards bringing the En Naga Field into production. We can now expect with a reasonable degree of certainty the achievement of first oil before year end and we look forward to achieving our first production in Libya together with our partners, The National Oil Corporation?x201D;.

The En Naga North and West Field was discovered by IPLL in 1998 and contains certified proven and probable reserves of over 100 million barrels of oil.

Lundin Oil AB is a Swedish independent oil company with exploration and production activities in eight different countries worldwide. The Company is listed on NASDAQ (symbol "LIOLY") and the Stockholm Stock Exchange (symbol "LOILB").
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