SPM Spg Media

RNS No 9827c
SODRA PETROLEUM AB                                 
13 October 1999
                                 
                        SODRA PETROLEUM AB

Sodra Petroleum AB announces that its parent company, Lundin Oil AB ("Lundin")
has today issued the following announcement:-

                Update on exploration well C1-NC177

International Petroleum Libya Limited ("IPLL"), a subsidiary of Lundin Oil AB
("Lundin Oil") is pleased to provide the following update on the progress of the
C1-NC177 exploratory well currently being drilled on the Haruj A Prospect in
Area NC177 Onshore Libya.

The well was spudded on August 8th 1999 and the 9-5/8 inch casing was set at
8,830 feet on September 23rd 1999. Electric logs and pressure data were acquired
down to 8,830 feet and their log interpretation has identified two potential pay
zones in the Gir formation which will be drillstem tested once the well reaches
its final total depth.

The well was subsequently drilled to 10,665 feet to investigate further
potential pay zones at which point overpressure was encountered in the 8 1/2
inch hole resulting in the drillpipe getting mechanically stuck. Remedial action
has been taken, the hole is being sidetracked and drilling operations are
proceeding.

As a result the well is now expected to reach its final depth near the end of
October, when a two to three week testing programme will commence.

Red Sea Oil Corporation ("RSO") is the operator of Area NC177 and holds a 60%
interest. The remaining 40% interest is held by Lundin Oil which also owns
approximately 58% of the outstanding shares of RSO.

For further information, please contact:

Magnus Nordin
Sodra Petroleum AB
Tel: +46 8 440 54 50

Simon Rothschild
Millham Communications
Tel: 0171 256 5756


Notes for editors:

1. Lundin is the parent company of Sodra by virtue of its holding of 40,506,500
Ordinary Shares of SEK0.05 each. The 40,506,476 Convertible Shares of SEK0.05
each in Sodra listed on the AIM market are effectively convertible into the
right to subscribe for B Shares in Lundin in November 2001. Upon exercise of the
conversion right, for every 12 Convertible Shares, the holder will receive a
warrant to subscribe for 1 new Lundin B Share at the nominal value of SEK0.50.

2. Convertible Shares in Sodra are also listed on the New Market of the
Stockholm Stock Exchange. Lundin B Shares are currently quoted on the Stockholm
Stock Exchange, Toronto Stock Exchange and the Nasdaq National Market.


END

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