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On my 1999 model, there was two codes that popped up. Although they were not very descriptive as yours, the codes dealt with the car "running lean". I posted my two codes up on Brickboard and people suggested replacing the oxygen sensor & mass air sensor.
Luckily I knew someone at the local Volvo dealer and they pulled it up on their system (for free) and the guy suggested that I replace my front O2 sensor. I bought an O2 sensor from an online vendor (cheaper than dealer) and replaced it. The check engine light came on still and I checked it again...but this time, there was only 1 code left. After much more suggestions from people on brickboard, I replaced the Mass Air Sensor and now, there are no CE light.
If your codes are directly suggesting front & rear 02 sensors, I would assume it would be correct. If you want to save money, you can search online for the best price or try eBay
http://search.ebay.com/search/search.dll?MfcISAPICommand=GetResult&SortProperty=MetaEndSort&ht=1&query=volvo+oxygen
I'm not sure which one you would need though.
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