Lundin Oil Spuds Exploration Well in Libya.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 25, 2000 International Petroleum Libya Ltd. ("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 (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), which operates Area NC177 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. Libya in joint venture with the National Oil Corporation has resumed exploratory drilling with the spudding of the D1-NC177 well. The well is located 65 kilometres southwest of the 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. Oil field discovered by IPLL in 1998 and currently under development. The proposed total depth of the well is 3,500 metres and it is expected to take approximately 65 days to drill after which a decision to test will be made. Another exploratory well will be drilled immediately following the completion of D1-NC177. Ian H. Lundin, Chief Executive Officer of Lundin Oil, commented, "Libya is a core area for Lundin Oil and the commencement of this drilling campaign represents another chapter in our long involvement in the country. In the event of a discovery, the economics of tying it in to the facilities that will already have been developed at En Naga are very attractive." Lundin Oil is an independent Swedish oil company exclusively engaged in oil and gas exploration and production. Lundin Oil produces oil and gas from 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. Lundin Oil'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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