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

To: Tomas who wrote (699)	8/12/1998 11:10:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Lundin Oil spuds another development well on the Kekwa Field LUNDIN OIL AB (The "COMPANY"), is pleased to announce the spudding of the Bunga Kekwa A5 well on Block PM-3 CAA, the commercial arrangement area between Malaysia and Vietnam. Bunga Kekwa A5 is being drilled from the same platform which supports the three current producing wells on the Kekwa Field. It will be drilled to a target depth of 7,700 feet (vertical) and is scheduled to take approximately 24 days including completion. Once completed, the well will be brought on production immediately. The oil production is currently processed and stored on board a Floating Production Storage and Offloading vessel (FPSO). The reserves on the Block were significantly boosted by the recent North Bunga Pakma discovery well which flowed in excess of 100 million cubic feet per day of gas and 2,000 bpd of condensate. Lundin Oil AB has a 41.44 percent working interest (held through Lundin Malaysia Ltd. 26.44 percent, Sands Malaysia AB 15 percent) and is the Operator of Block PM-3 CAA. The remaining interest is held by Petronas Carigali Sdn Bhd with 46.06 percent and PetroVietnam Exploration and Production with 12.5 percent. For further information, please contact: Ian H. Lundin Managing Director Tel: +41 22 3196606 Magnus Nordin Deputy Managing Director Tel: +46 705 766 555