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

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To: Tomas who wrote (1420)11/30/1999 10:24:00 PM
From: Tomas  Read Replies (1) of 2742
 
PNG gas pipeline project is on the "brink of reality"

From Asia Pulse, November 30
SYDNEY -
AGL group general manager Energy infrastructure, Greg Martin said the contract
to undertake a marine survey of the subsea pipeline was another step towards
meeting the construction timetable, adding further impetus to the project.

Earlier today the gas project's director John Powell launched an attack on those that do not
believe the project will succeed.

"People still don't believe this project is going to happen ... and I'm sick of it, I am seriously sick
of it. We are going to do this project," Mr Powell told a mining conference in Sydney.

Mr Powell said the project had taken huge steps in the last 12 months and was now on the
"brink of reality."

In addition to today's announcement the legislation to go forward was in place, the market
was secured and was in excess of original estimates and the environmental approval had
been given and was ready to be signed on Monday, he said.

"All this demonstrates today the commitment of the projects sponsors to continuing the
momentum that has been developed over the past three years," he said.
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