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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1223)8/5/1999 7:09:00 AM
From: Tomas  Read Replies (1) of 2742
 
Sudan - From Talisman: Second Quarter Results, August 5

A major milestone has been achieved, with first oil flowing into the pipeline in June.

Talisman owns a 25% interest in the Greater Nile Oil Project, located 450 miles southwest of Khartoum, the capital of Sudan. The project is comprised of three exploration and two development blocks covering 12 million acres, as well as an oil pipeline and terminal. Oil from the concession area will be transported 935 miles via a 28-inch pipeline to Port Sudan on the Red Sea.

First oil exports are anticipated in September. Talisman's share of production from Sudan is expected to average 8,000 bbls/d in 1999 (annualised rate), increasing to at least 37,500 bbls/d in 2000. Current oil production capability is about 100,000 bbls/d (TLM 25%) and half of the pipeline has been filled. One pump station is operating with a second due to start shortly.

The exploration and appraisal program continues to be very successful. A total of 23 wells have been drilled, with 19 encountering hydrocarbons. This includes eight of 12 wildcat wells. Testing has been limited to this point in time with priority being given to completion of existing development wells. Testing of these exploration wells will be completed over the remainder of the year.

Company Press Release: Talisman Expects Record Cash Flow and Production in '99
biz.yahoo.com
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