SPM Spg Media

RNS No 1952b
SODRA PETROLEUM AB
18th September 1998


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

                                 
                  Libya: Discovery in Block NC177

Lundin  Oil AB ("Lundin Oil") and Red Sea Oil Corporation  ("RSO")
are  pleased to announce the results of the re-entry of the  J1-85
well  located  3  km  south-west of B1-NC177, the  discovery  well
drilled  on  the En Naga North structure in January this  year  in
Block NC177, onshore Libya.

The  J1-85  well  was  extensively tested over  a  gross  interval
exceeding  90 feet in the Lower Gir formation which  flowed  at  a
stabilised rate of 2,203 barrels of 44* API oil per day and  1.785
million  cubic  feet  of  gas  per  day  on  44/64  choke  without
artificial lift.

As J1-85 is located on a separate structure from the En Naga North
Field, it represents a discovery which will be incorporated in the
overall Development of the area.

The  J1-85 re-entry forms part of an ongoing exploration appraisal
Programme  on  the  Block which consists  of  this  re-entry,  two
appraisal  wells  in the En Naga North Field an ongoing  1,600  km
regional seismic survey. One appraisal well remains to be  drilled
on  the  En  Naga  North  structure, the spud  date  of  which  is
anticipated on around 30th of September.

Based  on  the  results  of this ongoing programme  RSO  plans  to
proceed with the fast track development of the En Naga North Field
and  the  J1-85  discovery, as well as the full appraisal  of  the
remainder of the Block: the potential of which is considered to be
significant.

Lundin Oil AB has 40% interest in NC177. RSO is the operator  with
60  %  interest. Lundin Oil owns 61% of the outstanding shares  of
RSO.


For further information, please contact:

Ian H. Lundin                         Tel: 0041 22 3196606
Managing Director

Magnus Nordin                         Tel: 0046 8 440 54 50
Deputy Managing Director

Simon Rothschild / Judith Parry       Tel: 0171 256 5756
Millham Communications
                                 
                                 
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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