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

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To: Timelord who wrote (726)	9/18/1998 7:50:00 AM
From: Tomas	Read Replies (2) of 2742

Libya: Discovery in Block NC177 Lundin Oil AB ("Lundin Oil") and Red Sea Oil Corporation ("RSO") are pleased to announce the results of the re-entry of the J1-85 well located 3 km south-west of B1-NC177, the discovery well drilled on the En Naga North structure in January this year in Block NC177, onshore Libya. The J1-85 well was extensively tested over a gross interval exceeding 90 feet in the Lower Gir formation which flowed at a stabilised rate of 2,203 barrels of 44ø API oil per day and 1.785 million cubic feet of gas per day on 44/64 choke without artificial lift. As J1-85 is located on a separate structure from the En Naga North Field, it represents a discovery which will be incorporated in the overall Development of the area. The J1-85 re-entry forms part of an ongoing exploration appraisal Programme on the Block which consists of this re-entry, two appraisal wells in the En Naga North Field an ongoing 1,600 km regional seismic survey. One appraisal well remains to be drilled on the En Naga North structure, the spud date of which is anticipated on around 30th of September. Based on the results of this ongoing programme RSO plans to proceed with the fast track development of the En Naga North Field and the J1-85 discovery, as well as the full appraisal of the remainder of the Block: the potential of which is considered to be significant. Lundin Oil AB has 40% interest in NC177. RSO is the operator with 60 % interest. Lundin Oil owns 61% of the outstanding shares of RSO For further information, please contact: Ian H. Lundin Managing Director Tel: +41 22 3196606 Magnus Nordin Deputy Managing Director Tel: +46 8 440 54 50 lundinoil.com

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