Monday March 5, 9:46 am Eastern Time
Press Release
Lundin Strikes Oil In Sudan
VANCOUVER, B.C.--(BUSINESS WIRE)--March 5, 2001--Lundin Oil AB (the ``Company'') (Nasdaq:LOILY - news) is pleased to announce that its wholly owned subsidiary, Lundin Sudan Limited, together with partners Petronas Carigali SDN BHD, OMV (Sudan) Exploration GmbH and Sudapet, have made a significant oil discovery on Block 5A, onshore Sudan.
The Thar Jath discovery well, was drilled to a total depth of 1,820 meters and encountered 63 meters of net pay over two sandstone reservoirs, the Bentiu and the Aradeiba. The well flowed at a cumulative rate of 4,260 barrels of oil per day, from three drill stem test over both zones. Reservoir quality is excellent with high porosity and permeability. Appraisal drilling is due to start after the completion of another exploration well (Jarayan).
The Thar Jath structure has an aerial closure of over 30 square kilometers and is directly on trend with the Heglig, Unity and other prolific oil fields operated by the GNPOC, a consortium that includes Petronas, Talisman, China National Petroleum Corp. and Sudapet. Production from these fields now exceeds 200,000 barrels of oil per day.
Ian H Lundin, CEO, comments, ``This is a significant and exciting event for Lundin Oil. We have confirmed that the trend of prolific oil fields as seen in Blocks 1, 2 and 4 operated by the GNPOC consortium, extend into our Block.''
The drill rig is currently being mobilized to the Jarayan-1 well location, approximately 12 kilometers southeast of the Thar Jath-1 discovery. Upon completion of Jarayan-1 well the rig will move back to Thar Jath in order to drill the Thar Jath-2 appraisal well. In parallel, an extensive seismic campaign will be conducted over the Block as shown on the attached map.
Lundin Sudan Limited is the operator with a 40.4% interest in Block 5A. Partners are Petronas Cargali with 28.5%, OMV (Sudan) Exploration GmbH with 26.1% and Sudaped with 5%.
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 ``LOILY'') and the Stockholm Stock Exchange (symbol ``LOILB'').
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Contact:
Lundin Oil AB
Ian Lundin, +4122 319-6600
or
Lundin Oil AB
Sophia Shane, 604/689-7842
www.lundinoil.com
info@lundinoil.com
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