Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (1466)	1/20/2000 11:32:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

En Naga Project in Libya Receives Development Approval International Petroleum Libya Limited ("IPLL"), a subsidiary of Red Sea Oil Corporation ("RSO") and Lundin Oil AB ("Lundin Oil"), is pleased to announce that the En Naga North and West oil field ("En Naga") in Area NC177 has been declared a "Commercial Discovery" by the Owners Management Committee. The Owners Management Committee has also approved the Development Plan submitted by the operator and as a result the development of En Naga will now proceed. En Naga contains estimated proven and probable recoverable reserves of in excess of 90 million barrels of oil, based upon an updated certified reserve report. It is estimated that first production from En Naga will commence in the first quarter of 2001. Ian H Lundin, President of Lundin Oil said "This approval is a major milestone for us in Libya and is the culmination of many years of hard work. We have been successful from an exploration perspective in NC177 and now look forward to monetizing the discovery to the benefit of our shareholders and the Libyan National Oil Company. I am confident that there is still much more oil to be discovered in Area NC177 and, due to our long history in the country, we are well positioned to take advantage of the improved climate for investment and operations in the Libyan oil industry".