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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1520)3/11/2000 3:22:00 PM
From: Tomas  Read Replies (1) of 2742
 
Lundin Oil Shares Have Frozen - Dagens Industri (Sweden), March 7

Lundin Oil (LO), the Swedish oil and natural gas exploration company, is seeing its shares freeze at the moment, despite successful projects in Africa and Indochina, an increase in oil prices and promising prospects for the forthcoming years. LO is being overshadowed by the more spectacular IT shares on the Stockholm stock exchange.

Since January 1999, the price of oil has increased by 200 per cent, although company growth has increased by only 50 per cent. LO shares have long been an attractive high risk share on the stock exchange. However, alternative high risk shares, mainly IT and internet shares, have been pushing the LO share into the background since spring 1999.

Last week it was made public that Lundin Oil has acquired its Canadian listed holding company, Red Sea Oil (RSO) for 17 million newly issued LO shares. Foreign investors such as Morgan Stanley, have recently shown renewed interest in the company, and have issued a buy recommendation on LO shares.
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