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

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To: Tomas who wrote (1836)	9/6/2000 6:41:35 AM
From: Greywolf	Read Replies (1) of 2742

PNG Pipeline, Following are comments by Oil Search Ltd. Managing Director Peter Botten on the company's first-half earnings and its program for drilling more oil wells. He was briefing analysts in Melbourne. On the results and drilling program: ``Barrels in the tank means dollars in the bank. In the present oil price environment we have a strong incentive'' to bring new production on stream. ``We are very keen to maximize production. The focus is to mature projects that can bring exploration success quickly into the existing facilities.'' The Kutubu field has produced 255 million barrels and has reserves of about 300 million barrels. Still, Botten said that ``may be increased. The auditing process is underway as we speak. ``Our production outlook for the second half is better than the first.'' Moran is due to come back into production on Sept. 12, he said. ``We do expect that may be able to beat that.'' ``A number of joint venture partners are unwilling commit finances to drilling. Our patience is drawing to an end on that.'' Oil Search has marked out as many as 16 prospects it would like to drill, he said. The company has about two-thirds of its seismic survey completed. ``While the oil price is high and the hedging is there we want to get as many barrels a day out of the ground as we can.'' Botten said the company is in talks with several companies about farming out interests in its assets and Oil Search had had interest from more than 60 companies. About the Pipeline On progress with its project to pipe natural gas from Papua New Guinea to Australia: ``There really isn't much now we're needing for us to bring this to a close. We're now in a situation where there is a material commercial issue. We're working hard to manage it to a commercial close in short order.'' Oil Search is waiting for Papua New Guinea to secure financing for its participation in the project and for the completion of talks with local landholders on their stake in the project, he said. ``We're unable to progress the contract negotiations with potential customers'' for the gas until Australian regulators approve the appointment of Exxon Mobil Corp. and Santos Ltd. as the company's partners, he said. Talks are unable to progress until ``they can sit around the table with us and customers can talk to us as a group.''

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