SPM Spg Media

RNS Number:1822A
Sodra Petroleum AB
3 November 1999


                        SODRA PETROLEUM AB


Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
                                 
                                 
  Subscription for warrants (first subscription period) provides
                    Lundin Oil AB with 102 MSEK

The  first  subscription period of Lundin Oil AB's listed  warrant
Series 3B ended on 15 October, 1999. The subscription price was 23
SEK for one new Series B share. Approximately 4,450,000 new series
B-shares  have been subscribed and the registration  procedure  of
the  subscription is not yet completed. The subscription from  the
first subscription period will provide Lundin Oil with proceeds of
approximately 102 MSEK.

The share capital of the company prior to the subscription amounts
to  40,506,476.50  SEK  divided into 81,012,953  shares  of  which
678,200  are Series A shares and 80,334,753 are Series  B  shares.
Each  share  has a nominal value of 0.50 SEK. As a result  of  the
subscription   the  number  of  shares  will   be   increased   by
approximately   4,450,000   Series  B  shares   to   approximately
85,463,000 shares.

Trading in the new shares is expected to commence on the Stockholm
Stock Exchange on 12 November, 1999.

The  warrant  expires  on 31 March, 2000.  Subscription  with  the
warrants  at 28 SEK for one Series B share can be made during  the
period  10 January, 2000-31 March, 2000. The number of outstanding
warrants   after   the  first  subscription  period   amounts   to
approximately 3.7 million.

Lundin Oil will issue its nine months report of operations  on  19
November, 1999.


For further information, please contact:

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

Simon Rothschild/Judith Parry
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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