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Lundin Oil AB: Exploration Drilling to Resume Onshore Libya.

Business Editors


Lundin Oil AB (the "Company") (NASDAQ:LOILY) is pleased to announce that its wholly owned subsidiary, International Petroleum Libya Limited ("IPLL"), is scheduled to resume exploratory drilling on Area NC177, onshore Libya, in early August of this year.

The Company has recently completed a 2D seismic survey consisting of 411 km in the south central portion of Area NC177 and is currently conducting a detailed interpretation of the new data. Preliminary results indicate that there are several structures within the surveyed area which are similar in nature and in size to the En Naga North and West field located in the northern panhandle of Area NC177 (see attached map). IPLL plans to drill two wells back-to-back during the second half of the year.

The En Naga North and West field was discovered by IPLL in 1998 and has certified proven and probable recoverable reserves of 99 million barrels of oil. The field has been fully appraised and is now in the development phase. A 96 km pipeline will link the field to the Samah complex where the oil will be transported through a trunkline to the Mediterranean Coast. The pipeline linking En Naga with Samah will have enough spare capacity to handle several other fields in the En Naga class. En Naga will initially produce in excess of 15,000 barrels of oil per day from early 2001 which will increase to a peak rate of approximately 24,000 barrels in Phase II.

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 (symbol "LOILB") and on NASDAQ (symbol "LOILY").
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Publication:Business Wire
Geographic Code:4EUSW
Date:Jun 16, 2000
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