Good news and stock drops 6%. Just purchased a bunch at $1 7/8.
Jeez...
Lundin Oil AB: Malaysia / Vietnam Production Boosted
VANCOUVER, B.C.--(BUSINESS WIRE)--March 19, 2001--Lundin Oil AB (Nasdaq:LOILY - news; SSE:LOILB.), through its wholly owned subsidiary Lundin Malaysia Limited, together with Petronas Carigali Sdn Bhd and PetroVietnam Exploration and Production, have completed the eighth development well on the Bunga Kekwa field, located in the PM-3 Commercial Arrangement Area, offshore Malaysia/Vietnam.
The total production has, as a result, increased from 14,300 barrels of oil per day (``bopd'') to 18,000 bopd (7,500 bopd net to Lundin Oil).
A ninth development well is currently being drilled to ensure that this production level can be sustained for an extended period.
After completion of the ninth development well on the Bunga Kekwa field, the drilling unit will be mobilized to the nearby East Bunga Raya exploration well location, in order to test a large prospect with shallow gas bearing sand channels and deeper oil targets.
Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas exploration and production. The Company is producing oil and gas in the UK sector of the North Sea and oil offshore Malaysia/Vietnam. The Lundin Group has a development project in Libya and ongoing exploration projects in Libya, Albania and the Sudan. The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol ``LOILB'') and on NASDAQ (symbol ``LOILY''). |
