Hi AJ,
I think this news release should answer your Q.
London 20 May
Sodra Petroleum: New issue completed. All shares taken up. The new share issue of 40,506,476 convertible shares of Sodra Petroleum AB has been
completed and all shares have been taken up. Sodra has through this issue rased MSEK 303.8. Over 80% of the issue was taken up through rights issued to
shareholders of Lundin Oil. The remaining shares have been taken up without rights and Lundin Oil has taken up 3 million shares with intention to place
these in the British market in connection with a listing of Sodra on AIM (the Alternative Investment Market). An AIM listing is planned for early this
summer.
The convertible shares now issued can be converted to Lundin Oil shares during 5-23 November 2001. 12 Sodra shares can be converted to 1 newly
issued share in Lundin Oil. After the now completed new share issue Sodra is a 53.7% owned subsidiary to Lundin Oil. The total number of shares in
Sodra now amount to 81,012,976 of which 40,506,500 are common shares owned by Lundin Oil and 40,506,476 are convertible shares quoted on the
New Market within the Stockholm Stock Exchange quotation system. Lundin Oil thus also currently own 3 million convertible shares. Sodra Petroleum
owns 100% of a licence to explore for and develop oil and gas offshore the Falkland Islands within an area known as Tranche F. An exploration well is
currently in progress within Tranche A operated by Amerada Hess. The well has encountered minor oil and gas shows, the economic significance of which
it is far too early to be able to assess. Sodra Petroleum's first well is scheduled for the 4th Quarter of 1998.
As far as the name goes, yes you are right that Sodra means south. They just dropped the dots above the O > ™.
Desire & Lasmo halted their climb in stock price on Friday in London..all good things must come to an end, yet I would suspect that you'll se more activity next week. Sodra is trading at least 4-5 kronor below it's potential I feel. The AIM listing if nothing else should change that.
Later mate,
Greywolf |
