Lundin Oil AB Announces Recommencement of Exploration Activities Onshore Albania.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 18, 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) ("Lundin Oil") is pleased to announce that Force Majeure [French, A superior or irresistible power.] An event that is a result of the elements of nature, as opposed to one caused by human behavior. The term force majeure has been lifted as of April 15, 2000 on 2 of the 3 blocks onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Albania in which it is currently a partner. Under an agreement reached with the Albanian government, Blocks 2 and 3 will have Force Majeure lifted while Block A will remain in Force Majeure for the present time. The blocks were awarded in June of 1998 and have been in Force Majeure since December of that same year. The group includes a subsidiary of Occidental oc·ci·den·tal or Oc·ci·den·tal adj. Of or relating to the countries of the Occident or their peoples or cultures; western. n. A native or inhabitant of an Occidental country; a westerner. Noun 1. International Exploration and Production Company ("Oxy") with 50%, Forest Oil Albania ("Forest") with 30% and Lundin Oil subsidiary Lundin Albania Limited with 20%. Oxy is operator for the group. Preparations are underway to commence drilling operations in the 4th quarter of 2000 on the Shpiragu prospect (formerly known as Sqepuri) in Block 2 which is a large sub-thrust structural feature with over 3,000 metres of vertical closure. Several additional large leads have been identified on existing seismic and landsat images. The blocks are located within and on trend with the previous petroleum system in Albania where an estimated 1 billion barrels of recoverable reserves have been discovered. Most of the existing oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. in Albania are located within the boundaries of Blocks 2 and 3. The current producing area of these fields have been excluded from the permits, however, rights to deeper exploration objectives below these fields are included. Lundin Oil is a Swedish company, exclusively engaged in international oil and gas exploration and production. Lundin Oil's shares are 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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