Lundin Oil And Edison Join Forces In Libya.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 3, 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) is pleased to announce that it has entered into a Joint Bidding Agreement with EDISON GAS, the private Italian E&P, utilities and gas company within the Montedison Group, with a view to bid jointly on new areas offered by the Libyan National Oil Corporation ("NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, "). Lundin Oil CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ian H. Lundin commented, "Libya has always been a core area for us and we look forward with great anticipation to expand our interests in partnership with the Edison people who bring an enormous amount of knowledge and expertise to the table." The new round covers approximately 70% of the country. It includes 112 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. blocks and 20 offshore blocks in both mature areas such as the Sirte and Ghadames basins, less explored (but proven) areas such as the Murzuk and Cyrenaica basins and frontier areas such as the Kufra basin of southern Libya. Libya's prominence and importance as an oil producer is based on over four decades of exploration and production sharing with international companies. With over 35 billion barrels of reserves discovered to date, predicted ongoing potential is for at least the same amount of remaining discoveries to be made. Libya's proximity to key European energy markets will be further capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. on with the installation of a trans-Mediterranean gas export pipeline to Italy. This provides additional exploration incentive for gas discoveries and adds real value to an already competitive production base. Lundin Oil has been actively exploring in Libya for more than ten years and is currently developing a 100 million barrel oil field known as 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 on Area NC177, of which it has a 100% working interest. Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas exploration and production. The Company is producing oil and gas in the UK sector of the North Sea and oil offshore Malaysia/Vietnam. The Lundin Oil Group has a development project in Libya and ongoing exploration projects in Libya, Albania and the 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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