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Lundin Petroleum completes sale of Block 5A Sudan

Posted: 23 June 2003

Lundin Petroleum AB (“Lundin Petroleum”) is pleased to announce that it has completed the sale of 40.375 per cent working interest in Block 5A, Sudan to Petronas Carigali Overseas Sdn Bhd (“Petronas”).

The cash consideration paid at Completion is USD 142.5 million adjusted for working capital at 31 March 2003.

Block 5A is located in the Muglad Basin in Southern Sudan and contains the undeveloped Thar Jath field which contains gross proven and probable oil reserves of 149.1 million barrels. Lundin Petroleum will retain its 24.5 per cent in Block 5B in southern Sudan.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Albania, France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia and Venezuela. The Company is listed on the New Market at Stockholmsbörsen, Sweden (ticker “LUPE”).

Posted by Richard Price, Editor Pipeline Magazine

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