Lundin Oil AB: Petronas, OMV, Sudapet and Lundin Oil are Granted Block 5B Onshore Sudan.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 3, 2001 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)(STOCKHOLM:LOILB.) is pleased to announce the signing of an Exploration and Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. (the "EPSA EPSA Electric Power Supply Association EPSA European Pharmaceutical Students Association EPSA Exploration & Production Sharing Agreement EPSa Elektronik & Präzisionsbau Saalfeld GmbH (German electronics manufacturer) ") with the Republic of the Sudan. Petronas Carigali Overseas SDN BHD and Sudapet Ltd have been designated joint operators with 41% and 10% interest respectively. Lundin Muglad Limited (a wholly-owned subsidiary of Lundin Oil) and OMV OMV Open Market Value (automobiles) OMV Orbital Maneuvering Vehicle OMV Oblates of the Virgin Mary (religious order) OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) Aktiengesellschaft each have a 24.5% interest. The EPSA is in relation to Block 5B (the "Block") in the interior of Sudan covering an area of 20,119 square kilometers (see attached map). The Block adjoins Block 5A, which is operated by Lundin Sudan Limited, and where a significant discovery known as Thar n. 1. (Zool.) A goatlike animal (Capra Jemlaica) native of the Himalayas. It has small, flattened horns, curved directly backward. The hair of the neck, shoulders, and chest of the male is very long, reaching to the knees. Jath was made recently. Block 5A itself adjoins Blocks 1 and 2 which are currently producing in excess of 200,000 barrels of oil per day. All these blocks are within the highly prospective Muglad Basin, one of the few remaining largely undeveloped but proven oil basins in the world. The geological trend in which the existing oilfields are located extends into Block 5B and as a result, the prospectivity of the Block is viewed as excellent. "We look forward to working closely with the operators of 5B in order to explore and develop both Block 5A and 5B in the most sensible way from an economic, environmental and social perspective," says Ian H. Lundin, President Lundin 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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