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

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To: Tomas who wrote (1621)	5/4/2000 1:09:00 AM
From: Tomas	of 2742

Talisman Won't Quit Sudan CALGARY, May 3 (energy24.com) - Talisman Energy chief executive Jim Buckee says criticism of his company's Sudanese oil project appears to be fading, making him "less inclined" to abandon the venture than he was several months ago. He said Talisman wants to retain its 25 per cent stake in the Greater Nile Oil Project, regardless of expected criticism in several pending human rights reports. Many analysts have claimed Talisman is trading at a discount because of the Sudanese controversy, but Buckee said general investor disinterest in oil and gas stocks could also be a factor. "Although we are trading at abysmal multiples (to cash flow), we are not alone," he said. "It's hard to distinguish an industry effect from a specific Sudan effect." He said Talisman hopes measures it is taking to soften Sudan concerns, including community development spending and enacting a code of ethics, will satisfy some critics. Meanwhile, pipeline sabotage this week temporarily halted the flow of oil from the Greater Nile to the Red Sea'the third such attack since late last summer. A US government advisory panel this week urged the Clinton Administration to ban Talisman from raising money in the US so long as it does business in Sudan. "We are looking for the government to play a more assertive role in making sure that companies that are benefiting from the Sudanese oil effort are not able to benefit from US markets," said David Saperstein, chairman of the US Commission on International Religious Freedom. Talisman's common and preferred shares are listed on the New York Stock Exchange. A company spokesman said limiting Talisman's access to US capital would do nothing to end Sudan's civil war. "We support the Canadian government view that constructive engagement in Sudan is probably the best chance for peace," he said.

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