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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: isopatch who wrote (90683)	5/9/2001 3:30:34 PM
From: Greywolf	Read Replies (1) of 95453

Malaysia/Vietnam: Lundin Oil Strikes Again! VANCOUVER, B.C.--(BUSINESS WIRE)--May 9, 2001--Lundin Oil AB (NASDAQ:LOILY - news; SSE:LOILB.) (the ``Company''), through its wholly owned subsidiary Lundin Malaysia Limited (Lundin), is pleased to announce a significant new oil discovery on Block PM-3 CAA, offshore Malaysia/Vietnam. The East Bunga Raya #1 well, encountered 7 new oil zones and 2 low CO2 gas reservoirs. The main oil zone was production tested and flowed at a maximum rate of 5,500 barrels per day. Total net pay in the well is 168 feet of oil and 328 feet of gas. The additional hydrocarbon reserves delineated by this well can be developed using excess capacity from the current planned Phase 2 infrastructure with minor processing and production de-bottlenecking refinements. A mid-year re-assessment of the third party certified reserves is currently underway. Lundin Oil President, Ian Lundin commented: ``We are very excited about the results of this well and the major impact it will have on the value of this project. As there will be only minor additional capital requirements, the additional oil revenues will add directly to the project cash flow and profitability.'' Lundin Malaysia Limited holds a 41.44% interest in the PM-3 CAA and operates on behalf of its partners Petronas Carigali Sdn Bhd (46.06%) and PetroVietnam Exploration and Production (12.5%). 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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