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

To: Tomas who wrote (1926)	11/27/2000 7:02:34 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Lundin Oil Awarded New Proven Oil Block Offshore Malaysia LUNDIN OIL AB is pleased to announce that its wholly owned subsidiary, Lundin Malaysia Limited ("Lundin"), has been awarded Offshore Malaysia Block PM305 (the "Block") by Petroliam Nasional Berhad ("Petronas") the National Oil Company of Malaysia. Lundin Oil will be operator of Block PM305 with a 60% interest and Petronas Carigali Sdn Bhd, which is the operating arm of Petronas, will earn a 40% interest in the Block. Block PM305 has an areal extent of 2,200 km2 and is located 230 km from Block PM3 CAA which Lundin also operates. PM305 is in the central portion of the Malay Basin in which about 4.5 billion barrels of oil and 40 trillion cubic feet of gas have been discovered to date. The Block contains one discovery, known as Ophir, which flowed 2,000 barrels per day of crude oil. Lundin plans to acquire 3D seismic over the existing discovery and drill at least three exploration wells over the next three years. Commenting on the award, Ian H Lundin, CEO of Lundin Oil AB, said: ?x201C;We have been active in Malaysia for a number of years and this award is an indication of the close relationship we have built up with both Petronas and Petronas Carigali during the past decade or so. We are very grateful to have the opportunity to continue to contribute to the development of Malaysia?x2019;s economy and look forward to turning Block PM305 into another producing area offshore peninsular Malaysia?x201D;. Malaysia is one of South East Asias largest producer of crude oil and natural gas currently producing over 600,000 bpd of oil and 5 billion cubic feet of gas per day. Please visit the Company?x2019;s newly launched website www.lundinoil.com for details of all the Company?x2019;s projects worldwide. Lundin Oil AB is a Swedish independent oil company with exploration and production activities in eight different countries worldwide. The Company is listed on NASDAQ (symbol ?x201C;LOILY?x201D;) and the Stockholm Stock Exchange (symbol ?x201C;LOILB?x201D;). For further information, please contact: Ian H. Lundin, President, tel: +41-22-319 66 00 For a map please see lundinoil.com For some background please see lundinoil.com