Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: Tomas who wrote (1839)	9/13/2000 5:52:05 AM
From: Tomas	Read Replies (1) of 2742

Lundin Oil Profits From High Oil Prices Svenska Dagbladet - Sweden, September 11 Lundin Oil, the Swedish oil and gas company, has seen its share price rise by 35 per cent to approximately SKr27 per share, due to the high price of oil at present. One barrel of crude oil is now sold at around $35, its highest price for ten years. The company recorded income of SKr128m in the first six months of the year 2000, compared with losses of SKr17.5m in the same period in 1999. Magnus Nordin, deputy-managing director of Lundin Oil, said the company has profited from high oil prices as this is the only product offered. Lundin Oil drills in the North Sea as well as in Asia, and will see a strong increase in cash flow this year. The company is presently planning to expand into Libya and expects to double its production in 2001.

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