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by: The_real_Svempa (58/M/Sweden, close to Gothenbu) 2/26/00 11:14 am
Msg: 1570 of 1571
This I found on a Swedish chatpage, no link given, no confirmation possible. I have searched the Web to no avail. A forgery? Anybody care to comment? OK, here goes:
Friday Feb 25, 5:47 am Eastern Time Talisman to acquire IPC Sudan Ltd. and its Sudan oil By Jason McAllister CALGARY, Alberta, Feb 25 (Energy News) - Talisman Energy Inc., one of Canada's leading international oil producers, is according to independent anonymous sources likely to launch a takeover bid for IPC Sudan Ltd. with the aim of gaining full control in a large and controversial oil development project in Sudan. Talisman's US 3-400-million offer follows IPC Sudan Ltd.'s suspended testing operations on the Thar Jath no.1 well on Block 5A onshore Sudan.
It signals the end of IPC Sudan Ltd.'s quest to bring the project to fruition. The Thar Jath discovery could be the largest find in country and in the block and substantial net pay has been logged in intervals comparable those currently being developed by Talisman nearby. The Talisman offer to buy IPC Sudan Ltd is seen as a logical step for the Talisman Sudan development, which includes wells expected to pump 150,000 barrels oil by 2000 and a 930-mile (1,500-km) pipeline to the Red Sea from civil-war-torn southern Sudan.
"The play is too big for IPC Sudan Ltd.," " anonymous Wall Street portfolio managers says. "We see this as a legitimate succession of activity: a small, single-purpose company scares up a project, is unable to handle it and passes it on to a company such as Talisman." The deal would allow Lundin oil AB investors to reap the rewards of the Sudan project as well as other, and numerous, plays in Libya, Malaysia/Vietnam, the North Sea, Albania, Somaliland and Papua New Guinea. Lundin Oil is about to embark on a heavy work programme in its main areas of operation, i.e. Malaysia and Libya.
According to May 1999 testings probable reserves total an estimated 350-450 million barrels. Lundin Oil AB 's likely to accept the deal if their financial advisers agrees upon it from a financial standpoint. IPC Sudan Ltd.'s only shareholder, Swedish-Canadian oil concern Lundin Oil AB which controls 100% of the shares, will then probably agree to tender its holdings.
"It's a great deal for Talisman and its a very good deal for IPC Sudan Ltd. and Lundin Oil AB shareholders," Wall Street portfolio managers says."If the circumstances were different, they could have got a whole lot more for their stake. But circumstances being what they are - politically and lack of financing availability for the Sudan - it's probably the best that can be done in the market.
" Sudan's political risk, has been cited as one factor behind Lundin Oil 's weak stock price. Lundin Oil 's likely to have proven and probable reserves greater than the current offer still not yet discounted in their extremely low stock price.
The rebel Sudan Peoples Liberation Army, which has said it wanted no oil development until the long-running, north-versus-south civil war is resolved, has threatened attacks on IPC Sudan Ltd. and its partners. Lundin Oil shares are quoted on the Stockholm Stock Exchange and the Nasdaq market and Talisman shares are quoted on the New York Stock exchange and The Canadian Stock Exchange.
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