SPM Spg Media

RNS Number:1221B
Sodra Petroleum AB
19 November 1999

                         SODRA PETROLEUM AB


Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
                                 
                                 
          C1-NC177 well onshore Libya reaches final depth

                                 
Lundin  Oil AB ("Lundin Oil") is pleased to announce that, through
its subsidiary International Petroleum Libya Limited ("IPLL"), the
C1-NC177  oil exploration well on Area NC177, onshore  Libya,  has
reached final depth of 12,007 feet.

At least three zones will undergo production flow tests, including
the  Gir "A" carbonate reservoir at an approximate depth of  4,000
feet; the Gir "F" carbonate at a depth of 6,500 feet; and the Beda
"C" carbonate at a depth of 9,000 feet.

At  10,388  feet, the well penetrated 600 feet of Sirte sand/shale
section  with strong oil and gas shows, but this section does  not
warrant testing due to low sand content.

The  C1-NC177  well  is testing the Haruj "A" structure  which  is
located 20 kilometres south of the En Naga field discovered by the
Company in 1998. The En Naga field has been fully appraised and is
awaiting development approval by the governmental authorities. The
field,  with  proven  and  probable oil  reserves  of  71  million
barrels, is currently scheduled to go onstream in early 2001  with
a  planned plateau production rate in excess of 22,000 barrels per
day. The pipeline from En Naga to the nearest tie-in point of  the
main export pipeline has been sized to handle up to 80,000 barrels
per  day  which  would accomodate the Haruj "A" structure  in  the
event of a discovery.

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:
Ian H. Lundin
Managing Director

Magnus Nordin
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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