SPM Spg Media

RNS Number:7896I
Sodra Petroleum AB
21 August 2001



Sodra Petroleum AB announces that its parent company, Lundin Oil AB ("Lundin
Oil") has today issued the following announcement on 21 August 2001.


Talisman Energy proceeds with its bid for Lundin Oil - acquires more than 90
per cent of the shares and votes of Lundin Oil

Talisman Energy Inc.'s public offer, through its wholly-owned Swedish
subsidiary Talisman Energy AB ("Talisman"), to the holders of shares and
warrants in Lundin Oil AB (publ) ("Lundin Oil") has been successful and
Talisman has declared the offer unconditional. The offer has during the
regular acceptance period that expired on August 17, 2001, been accepted to
such an extent that the shares and warrants tendered represent 89.8 per cent
of the shares and 90.3 per cent of the voting rights in Lundin Oil, on a fully
diluted basis.

In order to enable acceptance by those who have not yet accepted the offer,
Talisman has decided to extend the acceptance period to 3:00 p.m. Swedish time
on Friday, August 31, 2001.

Settlement for shares and warrants tendered during the regular acceptance
period is expected to begin on or around August 30. Settlement for shares
tendered during the extended acceptance period is expected to begin by
September 13. Talisman has declared its intention to request compulsory
acquisition of the minority shares in Lundin Oil.

The resolution by Talisman to declare the public offer unconditional means
that the following resolutions by the extraordinary general meeting of Lundin
Oil, which was adopted subject to the offer being declared unconditional, now
are being executed:

  * Reduction of the share capital and the share premium reserve with
    repayment to the shareholders through distribution of all Lundin Oil's
    shares in the subsidiary Lundin Petroleum AB "Lundin Petroleum"). The
    total reduction amount is MSEK 609.8. The distribution takes place in the
    form of distribution rights which each entitle the holder to one share in
    Lundin Petroleum. The distribution rights were booked into the securities
    accounts of the Lundin Oil shareholders on August 20, 2001 and are
    automatically converted into shares in Lundin Petroleum following
    registration of the resolutions to reduce the share capital and to issue
    new shares.

  * The issue of not less than 17 million and not more than 22 million class
    C shares at a price of SEK 36.50 per share. Talisman will subscribe for 17
    million C-shares at a total subscription price of MSEK 620.5. Through
    completion of the offer and the subscription of class C shares, Talisman
    will acquire shares and warrants equal to at least 91.2 per cent of the
    shares and 91.6 per cent of the voting rights in Lundin Oil, on a fully
    diluted basis.

  * The entry into office of the new Board of Directors consisting of Johan
    Gernandt, Carl Bildt and Kevin Dunne. All present Directors of the Board,
    with the exception of Carl Bildt, will resign.

In accordance with agreement between Lundin Oil and Talisman, Lundin Oil
further transfers to a third party all of the shares of International
Petroleum Libya Limited and Lundin Investments Limited, the two wholly-owned
subsidiaries of Lundin Oil which hold the Lundin Oil group's interests in
Libya. The aggregate purchase price is MUSD 75 based on a July 1, 2001
effective date and is payable in cash.

                   For further information, please contact:

                       Ian H Lundin, President and CEO

                             Tel:+41 22 319 66 00

                                      or

                                Maria Hamilton

                     Corporate Communications, Lundin Oil

                              Tel: 08-440 54 50


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.

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