SPM Spg Media

RNS No 5443e
SODRA PETROLEUM AB
3rd December 1998

                        SODRA PETROLEUM AB

Sodra Petroleum AB announces that its parent company, Lundin Oil
AB ("Lundin") has today issued the following announcement:-
                                 
 LIBYA: Second Appraisal Well on En Naga North Flows at over 3,300

                               BOPD
                                 
Lundin Oil AB ("Lundin Oil") is pleased to announce the results of
the second appraisal well to be drilled on the En Naga North field
on  Block NC177 onshore Libya. The well, known as B3-NC177, flowed
in  excess  of 3,300 barrels per day of high quality, light  crude
oil.  The test results confirm the continuity and productivity  of
the reservoirs discovered by the B1-NC177 discovery.

The  B3-NC177  well was tested over two zones, namely  the  "Lower
Gir"  and  "Zelten  A" which are the two main  reservoirs  of  the
structure.  The Zelten A flowed 2,800 barrels of 48* API  oil  per
day on a 98/64" choke and the Lower Gir flowed over 500 barrels of
44* API oil per day using nitrogen lift.

The  B3-NC177  well marks the completion of the appraisal  program
which  consisted  of two appraisal wells and the  re-entry  of  an
older  existing well, J1-85, on a nearby separate structure. J1-85
flowed  at  a rate of 2,200 barrels of oil per day from the  Lower
Gir and confirmed the presence of oil in that structure, now known
as En Naga West. In addition, 135 kilometres of infill seismic was
acquired over both structures.

Based  on  the  positive  results  of  the  appraisal  program,  a
development  plan for the field will be submitted to the  National
Oil Company in early 1999.

A  regional seismic program in the central portion of the Block is
ongoing with over 1,000 kilometres of 2D data acquired out of  the
total  planned  program of 1,600 kilometres.  Several  significant
structures have already been identified immediately south  of  the
En  Naga discoveries. Exploratory drilling is due to resume in the
2nd quarter of 1999.

Red  Sea  Oil  Corporation ("RSO") is the operator of Block  NC177
with  60% interest. Lundin Oil AB has a 40% interest and owns  58%
of the outstanding shares of RSO.

                                            
For further information, please contact:

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

Magnus Nordin
Managing Director - Sodra Petroleum AB
Tel: +46 705 766 555

Judith Parry / 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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