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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2466)5/31/2001 6:27:10 AM
From: Greywolf   of 2742
 
THAR JATH-2 APPRAISAL WELL SUCCESSFUL

Lundin Oil AB wholly-owned subsidiary Lundin Sudan Limited together with
its partners, Petronas Carigali, OMV (Sudan) Exploration GmBh and Sudapet
are very pleased to announce the results of Thar Jath-2 the first appraisal
well to the drilled on the Thar Jath structure on Block 5A Sudan.

The well flowed at a cumulative rate of over 2,000 barrels of oil per day from
two separate tests in the Bentiu and the Aradeiba reservoirs. The well was
drilled 3.1kms away from the discovery well, Thar Jath-1, which flowed at a
total rate of 4,260 BOPD from four separate tests. The total net pay within
the structure is now established to be over 100 meters.

Mr. Ian Lundin, President Lundin Oil commented as follows: "The results of
Thar Jath-2 are very encouraging and combined with the recently acquired
3D seismic they will give us some very valuable information on which to
base a conceptual development plan”.

The completion of Thar Jath-2 marks the end of this year’s work programme
on Block 5A. Operations in the Block will resume in the 4th Quarter of this
year ahead of the next dry season.

Lundin Sudan Limited is the operator with a 40.4% interest in Block 5A.
Partners are Petronas Carigali SDN BHD with 28.5%, OMV (Sudan)
Exploration GmBh with 26.1% and Sudapet 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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