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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (1358)	10/26/1999 10:54:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Santa Catalina Acquires Interest in Major Oil Exploration Concession in Algeria Tuesday October 26, 10:22 am Eastern Time VANCOUVER, BRITISH COLUMBIA -- Santa Catalina Mining Corp., through its wholly-owned subsidiary Santa Catalina L.H. Lundin (Algeria) Limited (``SLM Algeria') , is pleased to announce that it has entered into an agreement to acquire from Arco Ghadames Inc. (``ARCO') an interest in the Hassi Bir Rekaiz oil concession onshore Algeria. Please see attached map. The Hassi Bir Rekaiz oil concession covers 788,000 acres in the northern portion of the prolific Ghadames basin in northern Algeria where major oil reserves in excess of 4 billion barrels have recently been discovered by Agip, Burlington, Cepsa, BHP and also Anadarko, whose El Merk North discovery is reported to contain over 1 billion barrels of oil in place. The flow rate on their discovery well was in excess of 21,000 barrels per day. ARCO is the operator of the Hassi Bir Rekaiz block and has previously acquired extensive seismic coverage and drilled two wells, one of which was a discovery flowing in excess of 1,800 barrels per day. The next well to be drilled, Semhari East #1, will be drilled 10 kilometres updip from this discovery, testing a large structure, and is expected to spud by the end of November. Estimated target depth is between 3,600 to 3,800 metres and will take approximately 90 days to drill. A second well, Sahara Mehadjer #1, will follow. Algeria is an OPEC member country and currently produces approximately 1.4 million barrels per day of light, high quality crude oil. Excellent infrastructure is in place including excess pipeline capacity within 65 kilometres. Several major nearby development projects are underway. SLM Algeria is acquiring a 25% interest in the Hassi Bir Rekaiz concession from ARCO. ARCO, as operator, has a 50% interest and Turkish Petroleum has the remaining 25%. The transfer and assignment of the 25% interest to SLM Algeria is subject to the consent and approval of the Algerian government and Sonatrach (Algerian national oil company). ON BEHALF OF THE BOARD Lukas H. Lundin, President NOTE: Location map available by contacting the company at the number listed in the contact information. Contact: Santa Catalina Mining Corp. Sophia Shane Corporate Development (604) 689-7842 biz.yahoo.com

To: Greywolf who wrote (1358)	10/28/1999 7:11:00 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

Lundin to add production well off Malaysia - Oil & Gas Journal, October 18 Stockholm-based Lundin Oil AB and partners have announced plans to drill another production well under Phase 1 development of Block PM-3 in the Commercial Arrangement Area (CAA) between Malaysia and Viet Nam. The CAA covers a once-disputed area on which Malaysia and Viet Nam reached a settlement in 1996. Production from Bunga Kekwa field, where the new well will be drilled, began in 1997. The partners will drill Well A7 on West Bunga Kekwa, southeast of Well A4, which has produced about one third of PM-3 production to date (see map). The group will subcontract a drilling rig from member Petronas Carigali Sdn. Bhd.; the partners expect to spud the new well in late November. The firms hope the well will produce 2,000-3,000 b/d of oil, increasing production to as much as 17,000 b/d from the current 14,000 b/d. Ian Lundin, president of Lundin Oil, said, "It is expected that the drilling of the A7 well will materially increase production levels, extending the economic life of Phase 1 well into the next decade." Phase 2 of PM-3 development involves boosting production to 40,000 b/d of oil and 250 MMcfd of gas. Phase 2 has been postponed, however, first by the Asian financial crisis of 1997-98 and later because the partners have had difficulty finding buyers for the gas. PM-3 has yielded five oil and gas fields: Bunga Kekwa, Bunga Raya, Bunga Pakma, Bunga Seroja, and Bunga Orkid. But the geology is complex, and the partners have identified more than 100 discreet reservoirs, which has further complicated development plans.