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

To: Greywolf who wrote (709)	8/21/1998 5:56:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Company Press Release - Lundin Oil First Half Results. Cash flow up 8% Friday August 21, 5:06 pm Eastern Time VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 21, 1998--Lundin Oil AB Results converted from Swedish Krona to USD at 7.9151 (average exchange rate over the six month period). Lundin Oil AB (the ''Company'') today announced that its production for the six months ending June 30, 1998 was 2,496,818 barrels of oil equivalent (boe), up 72 percent over the same period last year. Average daily production was 13,795 boe per day versus 8,019 boe/d. Operating cash flow for the first half totalled U.S. $17.8 million (U.S. $0.21/share), up 8 percent from U.S. $16.5 million (U.S. $0.20/share) over the same period last year. Net loss for the first half was U.S. $3.4 million (U.S.- $0.04/share), down from the same period last year which showed a profit of U.S. $8.0 million (U.S. $0.10/share). The Company received an average price on its crude oil sales of U.S. $13.73 per barrel during the first six months, down 30 percent over the same period last year. Working capital as at June 30, 1998 was U.S. $39.4 million. Operational highlights: New oil discovery onshore Libya. Estimated reserves in excess of 80 million barrels recoverable. Discovery well flowed in excess of 6,500 barrels per day. High quality, light crude (49 degrees API). Full appraisal program underway. New oil and gas field discovered offshore Malaysia. Seventh field to be discovered in Block PM3. Discovery well flowed 111 million cubic feet of gas per day and 2,036 barrels of condensate per day. Ongoing exploration and development program on the Block. Awarded three exploration blocks onshore Albania. Blocks are located within and on trend with the proven petroleum system in Albania where an estimated 1 billion barrels of recoverable reserves have been discovered. Drill rig mobilized to the offshore Falkland Islands basin and commencement of drilling operations by Amerada Hess, Lasmo and Shell. Lundin Oil will drill on Tranche F in the fourth quarter. Seismic acquisition program commenced on Block 5A, onshore Sudan. Block is adjacent to and on trend with the Unity and Heglig fields which are reported to contain proven and probable oil reserves in excess of 400 million barrels. A 20 percent interest in the Sedgwick field in the U.K. North Sea purchased from Texaco. Contact: Lundin Oil AB Magnus Nordin, +46-8440 54 40 Sophia Shane, 604/689-7842 biz.yahoo.com