SPM Spg Media

RNS Number:1511E
Sodra Petroleum AB
20 January 2000


Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
                                 
      En Naga Project in Libya Receives Development Approval
                                 
International  Petroleum Libya Limited ("IPLL"), a  subsidiary  of
Red  Sea Oil Corporation ("RSO") and Lundin Oil AB ("Lundin Oil"),
is  pleased to announce that the En Naga North and West oil  field
("En  Naga")  in  Area  NC177  has  been  declared  a  "Commercial
Discovery"   by  the  Owners  Management  Committee.  The   Owners
Management  Committee  has  also  approved  the  Development  Plan
submitted  by the operator and as a result the development  of  En
Naga will now proceed.

En   Naga  contains  estimated  proven  and  probable  recoverable
reserves of in excess of 90 million barrels of oil, based upon  an
updated  certified  reserve report. It  is  estimated  that  first
production  from  En Naga will commence in the  first  quarter  of
2001.

Ian  H  Lundin, President of Lundin Oil said "This approval  is  a
major  milestone  for us in Libya and is the culmination  of  many
years  of  hard work. We have been successful from an  exploration
perspective  in  NC177  and  now look forward  to  monetizing  the
discovery  to  the  benefit  of our shareholders  and  the  Libyan
National  Oil  Company.  I am confident that there is  still  much
more  oil  to  be discovered in Area NC177 and, due  to  our  long
history  in the country, we are well positioned to take  advantage
of  the  improved  climate for investment and  operations  in  the
Libyan oil industry".

International  Petroleum Libya Limited is  the  operator  of  Area
NC177  holding  a  60% interest.  The remaining 40%  is  owned  by
Lundin  Oil AB.  Lundin Oil AB is the largest shareholder  in  RSO
owning approximately 58% of the outstanding shares.


             For further information, please contact:
                           Ian H. Lundin
                             President
                       Tel: +41-22-319 66 00
                                 
                           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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