Lundin Oil AB: Malaysia / Vietnam Production Boosted
Business Editors
VANCOUVER, B.C.--(BUSINESS WIRE)--March 19, 2001--Lundin Oil AB
(Nasdaq:LOILY)(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").
--30--jsk/in*
CONTACT: Lundin Oil AB
Ian Lundin, +4122 319-6600
www.lundinoil.com
info@lundinoil.com
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: OIL/GAS ENERGY
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Mar-19-2001 14:31 GMT
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Source BW Business Wire
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