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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Timelord who wrote (441)	1/9/1998 8:01:00 PM
From: Tomas	of 2742

OXY and IPC together in Albania! They will get concessions for 3 blocks, drilling could start by summer. Albania to grant onshore oil concessions soon TIRANA, Jan 9 (Reuters) - Albania will grant concessions to two international oil groups this month to search for oil in six onshore blocks, Public Economy Ministry officials said on Friday. Austrian OMV (SHQIPERIA) Exploration GmbH (OMVV.VI), British Enterprise Oil Exploration Ltd (quote from Yahoo! UK & Ireland: ETP.L), Clyde Gas Limited (quote from Yahoo! UK & Ireland: CDP.L) will be granted two blocks in the south and one in central north Albania, they said. Occidental of Albania, a subsidiary of U.S. Occidental Petroleum (NYSE:OXY - news), and the International Petroleum Corporation [Nasdaq:IRPPF - news] will get concessions for two blocks in the south and one in the north. Austria's OMV and Occidental, the leaders of each group, both have a year-long experience in Albania. The production-sharing deals, which Public Economy Minister Ylli Bufi told ATA news agency will be signed this month, have to be approved by the Socialist-led coalition cabinet. Albanian oil specialists believe drilling in the six blocks could start by summer. Numerous foreign oil companies have been given concessions to explore for oil onshore and offshore in Albania since the former communist Balkan state invited bids seven years ago. None has struck it rich yet and some suffered damages during the social turmoil enveloping the country after the collapse of crooked pyramid investment schemes last year.

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