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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Timelord who wrote (461)	1/20/1998 4:42:00 PM
From: Tomas	Read Replies (2) of 2742

Albanian onshore blocks awarded - Mr Magnus Nordin reports Sands Petroleum AB (SPB) Tuesday Jan 20 1998 The company has, through its 95.5% owned subsidiary International Petroleum, been awarded three exploration blocks onshore Albania. The agreements were signed with the Albanian government in Tirana on Monday, January 19. Blocks 2, 3 and A were awarded to a consortium comprising IPC who have a 20% interest, Occidental International Exploration and Production Co with 50% and Anschutz Albania with a 30% interest. Oxy will act as operator for the group. The blocks were part of a bid round which was opened in 1996 and included eight blocks which had not previously been offered. Preliminary award of blocks 2, 3 and A to the group was made in the third quarter of 1996. The blocks are within and on trend with the proven petroleum system in Albania where an estimated one billion barrels of recoverable reserves have been discovered. Most of the existing oilfields in Albania are within the boundaries of blocks 2 and 3. The current producing area of these fields has been excluded from the permits, however, rights to deeper exploration objectives below these fields are included. The primary exploration target will be sub-thrust fractured carbonate reservoirs similar to those recently discovered in the southern Appenines of Italy (including Monte Alpi field with an estimated one to two billion barrels of recoverable reserves). Several large leads have been identified on existing seismic and landsat images. Work commitments in the primary three year exploration phase are 650km of 2D seismic and the drilling of two exploration wells. During 1998 an initial 150km seismic program including the extensive testing of specialized acquisition and processing techniques will be undertaken to address the primary technical risk which is the seismic imaging of sub-thrust structural prospects. Acquisition of the remainder of the seismic program and commencement of the drilling program are planned for 1999.

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