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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tommaso who wrote (1468)1/20/2000 8:28:00 PM
From: Tomas  Read Replies (1) of 2742
 
Tommaso: Red Sea Oil drilled an unsuccessful well in the Red Sea offshore Sudan 4 years ago. After that failure RSO was almost worthless, but the shareholders were not abandoned.
IPC 1996 offered them it's concession in Libya, including Block NC-177. Price: 2 million common shares of RSO valued at $960,000 (and warrants entitling the purchase of up to 2 million common shares of RSO at a price of CDN$1.50 for a period of 12 months). The impact was a write down of IPC's oil and gas interests of $3.4 million.
So, the wildcat entity RSO was not abandoned when the exploration failed, on the contrary!
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