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

To: Tomas who wrote (403)	12/9/1997 1:00:00 PM
From: Kent C.	Respond to of 2742

Dec. 9 - IRP.TSE - International Petroleum: Libyan Well Update from: Subject 17869 International Petroleum: Libyan Well Update VANCOUVER, BRITISH COLUMBIA--International Petroleum Corporation (the "Company") is pleased to announce that the B1-NC177 well currently being drilled by Red Sea Oil Corporation has reached a depth of 6,837 feet and is currently coring the top of the main "Zelten" reservoir after encountering additional oil and gas shows. Indications are that the porous limestone which is being cored could be a reefal build-up. Furthermore, the upper section from 5,400 feet to 6,700 feet where very strong oil and gas shows were encountered while drilling, was logged and RFT pressure points were acquired in the main zone of interest. The first pass of the log interpretation has confirmed the presence of two pay zones with a combined net pay of over 120 feet. The Company plans to run at least two production tests on this upper section. Drilling will continue through the remaining section of the main Zelten reservoir and down to the "Beda" formation (limestone reservoir) which is also one of the main targets of this well. Final total depth is estimated at 8,500 feet below ground level. International Petroleum owns approximately 53 percent of the shares of Red Sea Oil. Red Sea Oil holds a 60 percent interest in Block NC177 and is the operator. Sands Petroleum AB holds the remaining 40 percent interest. ON BEHALF OF THE BOARD Ian H. Lundin, President FOR FURTHER INFORMATION PLEASE CONTACT: International Petroleum Corporation Sophia Shane Corporate Development (604) 689-7842