SPM Spg Media

RNS No 2196v
SODRA PETROLEUM AB
29 September 1999
                                 
                        SODRA PETROLEUM AB

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

                                 
             Exercise period for Lundin Oil's warrants

The  Lundin Oil AB quoted warrant of series 3 entitles the  holder
to subscribe for one newly issued share of series B of the company
for  each  warrant. Subscription can take place between 1  October
and 15 October 1999 at a price of 23 SEK or between 10 January and
31 March 2000 at a price of 28 SEK. If all warrants are exercised,
the  total  number  of shares in Lundin Oil AB  will  increase  by
approximately 10 percent.

Lundin  Oil  AB  is  this  week distributing  subscription  forms,
including   information  on  how  to  subscribe,  for  the   first
subscription period which commences on Friday, October 1.

The  distributed material also includes the following  information
about the company.

BUSINESS OF THE COMPANY
After  the presentation of the half year report on August 20 1999,
the following subsequent events have occurred:
*     The Exploration  well  C1-NC177  onshore Libya is progressing           
      according to plan.
*     The  average price achieved on the company's  crude  oil
      sales  for the period July-August 1999 was USD 18.96 per  barrel.
      The corresponding figure for the first 6 months 1999 was USD 13.54
      per barrel.
*     Average  daily production (on a working interest  basis)for  the  
      period July-August 1999 was 14,353 BOEPD,  compared  to 13,488 BOEPD 
      for the first six months.

USE OF PROCEEDS
If  all  warrants are exercised for subscription  of  new  shares,
Lundin Oil AB will receive proceeds of between MSEK 188.6 and MSEK
229.6 depending on at what price the new shares will be issued. If
all  warrants  are exercised during the first subscription  period
and all new shares are issued at SEK 23 per share the proceeds  to
the  company will amount to MSEK 188.6. The proceeds will be  used
for general corporate purposes as well as  to finance parts of the
exploration  and  development program in Libya  and  part  of  the
exploration and appraisal program in the Sudan.

For further information, please contact:
Magnus Nordin                                Tel: +46-705-766 555

William Lundin                               Tel: +46-8-440 54 50

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

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