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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1625)5/4/2000 8:50:00 PM
From: Tomas  Read Replies (2) of 2742
 
Papua New Guinea Gas project steps into new phase
PostCourier, May 4

PROMOTERS of the PNG Gas project will now press ahead with the tasks of winning marketing contracts, securing permits and tying up finance for the project.
Orogen Minerals Ltd chairman Lindsay MacAlister said this after the agreement reached on Friday by joint venture participants in Kutubu, Gobe Main, Moran and Hides oil and gas fields to supply gas to the PNG to Queensland gas project.

Orogen Minerals, which expects to own an interest of between 13 and 23 per cent in committed gas reserves and upstream facilities in the project,said these tasks would require a major commitment from those involved.
"We are very confident that if we work together, they will be accomplished. It is very important that this does happen," Mr MacAlister told shareholders at the company's annual general meeting on Tuesday.

Mr MacAlister said the project would result in the commercialisation of the enormous gas reserves in the country and in significant benefits for companies such as Orogen who would invest in developing the project.
He said the project would also generate substantial benefits for the traditional landowners and for all through increased jobs, payment of taxes and stimulation of industry. Orogen would play a significant role in bringing the project into being.
Mr MacAlister told shareholders that the acquisition of BHP's petroleum business in PNG by Orogen in December was a strategic investment.

Outgoing Orogen Minerals managing director Charles Lepani said the agreement reached on Friday paved the way for gas sales deals to be concluded with customers, including Comalco, involved in power generation and general industry in Queensland.
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