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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Donald Lickman who wrote (2294)4/17/2001 10:33:32 PM
From: Razorbak  Read Replies (2) of 2742
 
Jarayan-1 Dry Hole

"Sudan: Lundin Oil Suspends Jarayan-1"

Tuesday April 17, 1:55 pm Eastern Time
Press Release

VANCOUVER, B.C.--(BUSINESS WIRE)--April 17, 2001--Lundin Oil AB (Nasdaq:LOILY - news; SSE:LOILB.), announces that its wholly owned subsidiary, Lundin Oil Sudan Limited has suspended the Jarayan-1 exploration well after encountering sub-commercial quantities of oil.

The well was the second exploratory well to be drilled on Block 5A.

The drilling rig has been moved back to Thar Jath to drill the first appraisal well (Thar Jath-2) located 3.1 kilometres from the Thar Jath-1 discovery well, which flowed at a combined rate of 4260 barrels of oil per day. The Thar Jath-2 appraisal well was spudded on April 16, 2001.

A three-dimensional seismic program will be carried in parallel with the drilling of Thar Jath-2 with a view to fully delineate the field.

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 Sudapet with 5%.

Lundin Oil 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'').

--------------------------------------------------------------------------------
Contact:

Lundin Oil AB
Ian Lundin, +41 (22) 319-6600
or
Lundin Oil AB
Sophia Shane, 604/689-7842
www.lundinoil.com
info@lundinoil.com

biz.yahoo.com
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