Lundin Oil: Libya: Process Facilities and Pipeline Construction Contracts Awarded.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 26, 2001 Lundin Oil AB (the "Company") (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) is pleased to announce the achievement of a crucial milestone in the development of its En Naga naga In Hindu and Buddhist mythology, a semidivine being, half human and half serpent. Nagas can assume either wholly human or wholly serpentine form. They live in an underground kingdom filled with beautiful palaces that are adorned with gems. North and West Field. International Petroleum Libya Limited (IPLL IPLL Indo Pacific Languages and Literatures ), a 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. of Lundin Oil AB and operator of the En Naga Development in Area NC177, has awarded two engineering, procurement, installation and construction (EPIC) contracts for the construction of processing facilities and a 94.5 km pipeline. The pipeline will connect the En Naga Development with the existing pipeline network which will take the produced oil to export facilities on the Mediterranean coast. Ian H Lundin, President of Lundin Oil AB said, "The award of these contracts is a significant step towards bringing the En Naga Field into production. We can now expect with a reasonable degree of certainty the achievement of first oil before year end and we look forward to achieving our first production in Libya together with our partners, The National Oil Corporation." The En Naga North and West Field was discovered by IPLL in 1998 and contains certified See certification. proven and probable reserves of over 100 million barrels of oil. Lundin Oil AB is a Swedish independent oil company with exploration and production activities in eight different countries worldwide. The Company is listed on NASDAQ (symbol "LOILY") and 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"). |
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