SPM Spg Media

RNS Number:3387F
Sodra Petroleum AB
10 February 2000

                        SODRA PETROLEUM AB


Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
                                 
   Malaysia/Vietnam Gas Sales Agreement Signed. PM-3 Gas Project
                            to Proceed.
                                 

Lundin Oil AB ("Lundin Oil") is pleased to announce the signing of
a   gas  sales  agreement  with  Petronas  and  PetroVietnam,  the
Malaysian  and  Vietnamese  national oil  companies,  whereby  250
million  cubic  feet  per day of gas will be sold  from  the  PM-3
Commercial Arrangement Area ("PM-3 CAA") over a period  of  up  to
twenty years.

Approval has been received from Petronas and PetroVietnam  to  the
field  development plan for Phases 2 and 3 of the PM-3 CAA project
which envisages first gas delivery in the second half of 2003  and
initial  liquids production of 40,000 barrels per day.  All  other
documentation is now agreed to allow the project to proceed.

Ian H Lundin, President of Lundin Oil, commented "The finalization
of  the  gas sales agreement with Petronas and PetroVietnam  is  a
historic  milestone  for  the company.   We  have  been  extremely
successful  in discovering oil and gas in Malaysia over  the  past
few  years  and  we look forward to bringing these  reserves  into
production.  We have already discovered substantial quantities  of
oil  and  gas  and are confident that the PM-3 CAA  area  contains
significant additional reserves that will assist in developing the
growing  economies  of  Malaysia and Vietnam  well  into  the  new
millennium".

Lundin  Oil  has  a 41.44 percent working interest  (held  through
Lundin Malaysia Limited with 26.44 percent and Lundin Malaysia  AB
with  15.00 percent) and is the Operator of Block PM-3  CAA.   The
remaining interest is held by Petronas Carigali Sdn Bhd with 46.06
percent  and  PetroVietnam Exploration and Production  with  12.50
percent.


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