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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1338)9/28/1999 8:31:00 PM
From: Greywolf  Read Replies (1) of 2742
 
Adolf Lundin in an interview with a Swedish Financial Newspaper.

In an interview in the Swedish financial Finanstidningen 29/9/99 Adolf Lundin gave his views on the future of oil and his company and position in it. At 70 years of age he
was given the subtitle "still going strong". In short the article deals with the following;

- Lundin belives the next 10 years to be an golden age for Lundin Oil and oil companies in general as it is now that "the companies have the opportunity to make the big
bucks".
- Lundin seeïs the oil price increase as the world has already consumed more than half the total oil reserve.
- In 40 to 50 years the time of oil will be over. (Greywolf note: I have previously written that today there are children being born that will see the end of oil as an energy
source)
- Lundin points to three areas of particular importance for the company ie Malaysia, Libya and Sudan. These projects consume about 90% of the efforts of the company
at this time.
- Libya has been drilling for 50 days and the project is important for Lundin Oil. The possible reserve is big, a few hundred million barrels and they belive more is to be
found at a deeper level. The whole block is thought to be oil rich as they already have found oil in two places in the structure.
- A production date in Libya should be settled on soon ie a start would then be set for Q4 2000 alternativly Q1 2001.
- Lundin points to the fact that they have been in Libya for eleven years ie they feel at home there.
- Sudan, the Thar Jath structure has a mathematical reserve of about 300 million barrels. Further drilling should be continued before years end. AL belives there a number
of fields within the block.
- The company has been promised another block by the Sudanese government and the deal should be settled before years end.
- Malaysia production is today 14.000 bopd and in the short term with a new drill this is expected to rise to 17 to 18.000 bopd.
- The gas deal with Vietnam and Malaysia should be concluded before years end. Perhaps within a month.
- The Falklands, well as A.Lundin points out we are, on the basis of a comprehensive report, in the area 30 million years too early ie no more drilling off the Falklands for
Sodra. Yet there is the option in Lundin Oil for the Sodra shareholders and by 2001 LOILY should be well above 90 SEK. More in the region of 200 SEK according to
AL.
- Lundin touches on Vostok Nafta the Russian oil company and North Atlantic Resources NAN in Sweden. Vostok has a potential reserve of 70 million barrels.
- AL seeïs the companies oil reserves in three to four years at 1 billion barrels.

Greywolf
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