SPM Spg Media

RNS No 1138p
SODRA PETROLEUM AB
13th January 1999

                              
                  Change of loan agreement

Sodra Petroleum AB ("Sodra") announces that it has varied
the terms of the loan agreement entered on 7th December 1998
with its parent company, Lundin Oil AB ("Lundin Oil").
Under the loan agreement, Sodra agreed to provide Lundin Oil
with a revolving credit loan facility of US$12m secured by a
negative pledge over certain quoted assets of Lundin Oil.
Due to a deterioration in the market value of these assets,
the negative pledge has been extended to cover all Lundin
assets not currently secured under its existing $125m bank
facility.  In addition, the annual rate of interest under
the loan has been increased to 3% above one month LIBOR.
The outstanding balance under the facility remains repayable
on 14 days notice.

The Directors of Sodra have consulted further with Greig
Middleton & Co. Limited and remain of the opinion that the
terms of the transaction are fair and reasonable so far as
the shareholders of Sodra are concerned.

Further information:

Magnus Nordin, Managing Director        Tel: +46 8 440 56 85
Sodra Petroleum AB

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

END

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