SPM Spg Media

RNS No 6003u
SODRA PETROLEUM AB
13th August 1998

                     SODRA PETROLEUM AB
                              
Sodra Petroleum AB announces that its parent company, Lundin
Oil AB ("Lundin") has today issued the following
announcement:-


   "Lundin Oil spuds another development well on the Kekwa
                            Field

LUNDIN  OIL  AB (The "COMPANY"), is pleased to announce  the
spudding  of the Bunga Kekwa A5 well on Block PM-3 CAA,  the
commercial  arrangement area between Malaysia  and  Vietnam.
Bunga Kekwa A5 is being drilled from the same platform which
supports  the  three current producing wells  on  the  Kekwa
Field.  It  will be drilled to a target depth of 7,700  feet
(vertical)  and is scheduled to take approximately  24  days
including  completion.  Once completed,  the  well  will  be
brought  on  production immediately.  The oil production  is
currently   processed  and  stored  on  board   a   Floating
Production  Storage  and  Offloading  vessel  (FPSO).    The
reserves  on  the Block were significantly  boosted  by  the
recent  North  Bunga Pakma discovery well  which  flowed  in
excess  of  100 million cubic feet per day of gas and  2,000
bpd of condensate.

Lundin  Oil  AB  has a 41.44 percent working interest  (held
through  Lundin Malaysia Ltd.  26.44 percent, Sands Malaysia
AB  15 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 Petro Vietnam Exploration and  Production
with 12.5 percent."

For further information, please contact:

Ian H.Lundin
Managing Director
Tel: +41 22 3196606

Magnus Nordin
Deputy Managing Director
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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