SPM Spg Media

RNS Number:5446E
Sodra Petroleum AB
1 June 2001


1 June 2001

                              SODRA PETROLEUM AB



Sodra Petroleum AB announces that its parent company, Lundin Oil AB ("Lundin")
has today issued the following announcement on 29 May 2001.




                         Lundin Oil: Corporate Update


Lundin Oil AB (the "Company") reports that in the course of evaluating
financing alternatives for the development of its extensive oil and gas
reserves, the Company has had discussions with other companies in the oil
sector regarding a possible corporate acquisition of the Company combined with
a spin-off of certain assets. Matters are still in the discussion stage and an
announcement will be made if an agreement is concluded.

Lundin Oil AB is a Swedish independent oil company with exploration and
production activities in eight different countries worldwide. The Company is
listed on NASDAQ (symbol "LOILY") and the Stockholm Stock Exchange (symbol
"LOILB").


This announcement was not sent to the London Stock Exchange due to an
oversight on behalf of the company.


                   For further information, please contact:

                       Ian H. Lundin: + 41 22 319 66 00


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 and the Nasdaq National Market.

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