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

To: Tomas who wrote (1402)	11/19/1999 7:47:00 PM
From: Tomas	Respond to of 2742

Lundin Oil Announces Third Quarter Profit VANCOUVER, British Columbia--(BUSINESS WIRE) -- Nov. 19, 1999-- Lundin Oil AB (NASDAQ:LOILY - news) Results converted from Swedish Krona to USD at 8.2471 (average exchange rate over nine month period). Lundin Oil AB (the ``Company') is pleased to announce third quarter net profits of U.S. $2.1 million (U.S. $0.03 per share) versus a loss of U.S. $6.6 million over the same quarter period last year. Net profits for the first nine months of fiscal 1999 totalled U.S. $0.024 million versus a loss of U.S. $10.3 million over the same nine month period last year. Operating cash flow for the first nine months increased to U.S. $29.6 million (U.S. $0.37 per share), up 27% over the same period last year. Operating cash flow for the third quarter was U.S. $12 million, a 79% increase over the same quarter last year. Average price received on crude oil sales during the first nine months was U.S. $15.77, up 20% from U.S. $13.19 last year. Average price received during the third quarter was U.S. $19.64 versus U.S. $12.72 over the same period last year. Net production for the first nine months totalled 3,744,808 barrels of oil equivalent (boe), up slightly from 3,739,879 over the same period last year. Average daily production for the nine month period was 13,718 boe per day versus 13,699 boe/d. Net third quarter production was 1,306,645, up 6% from the same period last year. Daily production during the third quarter averaged 14,203 boe/d versus 13,389 boe/d over the same quarter last year. Operational highlights: The first nine months of 1999 saw a sharp increase in oil prices. Using the Company's Malaysian production as a benchmark, the first lifting of the year fetched U.S. $10.79 per barrel whereas the last lifting in the period fetched U.S. $21.80 per barrel, an increase of 102%. An additional production well to be drilled in Malaysia is expected to increase production from the block by 2,000 to 3,000 barrels per day (gross). Good progress was made during the quarter towards the realization of Phase II development of the block which will bring in additional net production of over 34,000 boe/d to the Company. The C1-NC177 exploration well in Libya reached final depth of 12,007 feet and will undergo production flow tests over at least three zones. Further exploration is planned for the year 2000 with 2 more wells and 550 kilometres of new seismic. In Sudan, the Company will soon commence testing of the Thar Jath well, which was drilled earlier this year. Exploration will continue with at least one more well and the acquisition of 2D and 3D seismic. Upon successful testing of the Thar Jath well, at least two appraisal wells will also be drilled in 2000. To allow operations to continue in Sudan even during the rainy season, a 100 kilometre all-weather road will be constructed. The 1,600 kilometre export pipeline between the nearby Unity and Heglig fields and the Red Sea coast is now fully operational with a capacity of 250,000 barrels per day, of which 100,000 barrels per day is reserved for third party users. Contact: Lundin Oil AB Sophia Shane, 604/689-7842 or Magnus Nordin, +46 8 440 54 50 biz.yahoo.com

To: Tomas who wrote (1402)	11/22/1999 1:03:00 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

Libya Designates Areas For Exploration - Africa News Service, November 19 Tunis - Libya's National Oil Corp. (NOC) has designated 80 onshore and offshore blocks as open areas for international oil companies under Exploration Production Sharing Agreements, or EPSA-111, the Middle East Economic Survey reported Monday. An additional 15 blocks located primarily in the Sirte and Murzuk Basins are the subject of talks between Libya and international companies. The Libyan NOC's Joint Venture and Operation Department procedure was to send a letter of invitation to the companies, asking them to review the open blocks and indicate areas of interest. Two weeks ago, NOC awarded an addition to the existing EPSA for blocks NC-186 and NC-187 held by a European consortium. The consortium includes Austria's OMV with 23%; Repsol YPF 32%; Total Fina with 24%; and Saga with 20%. The new block, called M4, covers an area of 12,300 square kilometers and is located to the north of block NC-186. ___________________________________________ Irish Oil Exploration Company Expanding Partnerships Africa News Service, November 19 Tunis - Bula Holdings Plc, an Irish oil exploration company, is speaking to Oilinvest Group about including a third party partner to aid in oil exploration in Libya. As October closed, a Bula spokesperson stated the company was in talks with Oilinvest Group to establish a strategic partnership, with the object of entering into oil exploration and production activities in Libya, and also worldwide.