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

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To: Tomas who wrote (1580)	4/28/2000 5:09:00 AM
From: Tomas	Read Replies (1) of 2742

PNG: Oil Search Rises 6.2% After Securing Gas Supply to Queensland Sydney, April 28 (Bloomberg) -- Oil Search Ltd., the largest holder of oil and gas reserves in Papua New Guinea, rose 6.2 percent after it reached an agreement to provide additional gas reserves for the US$3.5 billion Papua New Guinea Gas Project. The agreement will see additional gas come from the Hides natural gas field in the Papua New Guinea Highlands. It will eventually supply 600 million cubic feet per day of gas to Queensland for a 30-year period. ``This agreement is an important step for the project as it provides the volumes required to underpin the market and will bring significant greenhouse benefits to Queensland,'' said Chevron Corp.'s PNG Gas Project Director John Powell. The project is planned to be completed in late 2002 or early 2003, bringing the fuel about 3,000 kilometers down the coast of Queensland to the state's capital, Brisbane. Oil Search rose 9 cents, or 6.2 percent, to A$1.55 after gaining as much as 9.6 percent in intraday trading.

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