Lundin's Libyan Oilfield Development Goes Ahead.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 14, 2000 Lundin Oil AB(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LOILY) A second major milestone was passed last week when Lundin Oil's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , International Petroleum Libya Limited (IPLL IPLL Indo Pacific Languages and Literatures ) placed an order for 94,500 meters of pipeline that will connect its production from the En-Naga field with Libya's national export system. The line pipe will be supplied by Thyssen Krupp Stahlunion GmbH with deliveries commencing early next year. The En-Naga North and West Field was discovered by IPLL in 1998, has been appraised and contains certified See certification. , proven and probable recoverable reserves of 99 million barrels of oil. The 94.5 Km pipeline will connect the field to the Waha Oil Company's Samah production facility, from where an existing trunk A communications channel between two points. It generally refers to a high-bandwidth, fiber-optic line between telephone switching centers (central offices). Telephone "trunks" handle thousands of simultaneous voice and data signals, whereas telephone "lines" are the wires from the line transports the oil to the Es Sider terminal on the Gulf of Sirte. The En-Naga field is set to produce in excess of 15,000 barrels of oil a day in phase I, rising to a peak of around 24,000 barrels in phase 2, which is expected within 2 years of first production. In the ongoing exploration programme, preparations are being made to spud the Haruj D prospect in Area NC-177, which lies 65 Km southwest of the En-Naga Field. Lundin Oil is an Independent Swedish oil company exclusively engaged in oil and gas exploration and production. The Company produces oil and gas in the UK sector of the North Sea as well as offshore Malaysia/Vietnam. Lundin Oil has development projects in both Libya and offshore Malaysia/Vietnam, with ongoing exploration interests in Libya, Albania and Sudan. The Company's shares are publicly listed on the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. (symbol "LOILB") and on NASDAQ (symbol "LOILY"). |
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