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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (85052)	1/22/2001 8:40:35 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

LOILY - One Down, Two to Go... "Libya: Lundin Abandons The E1-NC177 Well" Updated: Monday, January 22, 2001 12:52 PM ET VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 22, 2001--Lundin Oil AB (NASDAQ:LOILY, news, msgs) reports that International Petroleum Libya Limited, a wholly owned subsidiary of Lundin Oil AB, which operates Area NC177, onshore Libya in Joint Venture with the National Oil Corporation, has plugged and abandoned the E1-NC177 well drilled on Area NC177, onshore Libya, at a depth of 7,800 ft rkb (2,377 metres). The well penetrated the main targets which were the Gir and Zelten Carbonates. Neither proved to have commercial quantities of hydrocarbons. The drilling of E-NC177 well concludes the Company's exploration commitments on the NC177 Area. President Ian Lundin comments: "We will continue to review the potential of further exploration investments in Libya. Our efforts however, will focus on the development of the En Naga field in Area NC177, which today has proven and probable reserves of approximately 100 millions barrels." Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas exploration and production. The Company is producing oil and gas in the UK sector of the North Sea and oil offshore Malaysia/Vietnam. The Lundin Oil Group has a development project in Libya and ongoing exploration projects in Libya, Albania and the Sudan. The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol "LOILB") and on NASDAQ (symbol "LOILY"). CONTACT: Lundin Oil AB Sophia Shane Tel: 604/689-7842 Website: www.lundinoil.com Email: info@lundinoil.com or Ian Lundin Tel: +41 (22) 319-6600 qw2001.quicken.com