SPM Spg Media

RNS No 7780j
SODRA PETROLEUM AB
9th March 1999

                          SODRA PETROLEUM AB

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


 March 9 1999
                    Lundin Oil AB Year End Reserves
              are Boosted by 74% on a Year to Year Basis
                                   
                                   
Lundin Oil AB is pleased to announce the results of recently completed
third party reserves certification studies on its properties in the UK
North Sea, Malaysia and Libya as at 1 January 1999.

The studies were completed by the following consulting firms:
*    UK North Sea     -Scott Pickford Group Ltd
*    Libya            -Sproule International Limited
*    Malaysia         -RISC Pty Ltd/PGS Reservoir UK Ltd

The proven and probable reserves calculations were carried out in
accordance with the Society of Petroleum Engineers (SPE) guidelines.

The results may be summarised as follows:

Proven and probable remaining reserves as at 1 January 1999

                    Liquids         Gas            Oil    % change       
                    Million     Billion     Equivalent        From
                    barrels  cubic feet                       1997
                                 
United Kingdom         14.7        33.2           20.2          0%
Malaysia               61.0       735.2          183.5*       +34%
Libya**                71.0           -           71.0         
Total                 146.7       768.4          274.7        +74%

*     assumes a ratio of 1 barrel to 6000 cubic feet
**    includes interest held by Red Sea Oil Corp., a partially owned
      subsidiary, the financial statements of which are consolidated with     
      Lundin Oil AB

The reserves are presented on a working interest basis before
Government take.

The 74% increase in reserves is net of the 1998 production which
totalled 5.0 million barrels compared to 3.7 million barrels in 1997.
It also represents a reserves replacement ratio of 24:1.

Lundin Oil AB is an independent Swedish oil and gas exploration and
production company with operations in seven countries worldwide.


For further information, please contact:

Ian H. Lundin                               Tel: +41 22 319 6606
President & Managing Director

Magnus Nordin                               Tel: +46 8 440 54 50
Deputy Managing Director

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

Notes to editors

1.  Lundin is the parent company of Sodra by virtue of its holding of
    40,506,500 Ordinary Shares of SEK0.50 each.  The 40,506,476
    Convertible Shares of SEK0.50 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 price 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

MSCBBGBXDBGCCCC

Spg Media (LSE:SPM)
Historical Stock Chart
From May 2024 to Jun 2024

Spg Media (LSE:SPM)
Historical Stock Chart
From Jun 2023 to Jun 2024