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Gold/Mining/Energy : Santa Catalina Mining SLM.V
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To: Greywolf who started this subject9/14/2000 8:44:02 PM
From: Greywolf  Read Replies (1) of 30
 
Article in Dagens Industri,

The Swedish financial daily DI ran an article about the company which is a summary of the 9/8 press release and it translates accordingly,

A summary

Start - The first find Hassi Bir Rekaiz could give 2.000 bopd flow rate once
production gets underway in 2003. CEO Lukas Lundin say´s the potential of the field is
a 100.000 - 150.000 bopd fully developed. LL points to Atlantic´s
estimate of the field reserve of 1.8 billion barrels. The two up and
coming drills will cost SLM $12 million and a cash infusion is going to
be needed in the future. Right now the company has enough cash though. A
financial review will have to be made within a year - quote Adolf Lundin Chairman.

There is a online pipeline only 60 K´s away and if the structure pans
out as is expected another 40 productions drills may have to be made.
AL is not worried about the situation on the ground ie
security wise (typical Lundin who makes sure he will not have troubles -
my note)

They touch on the percentages in ownership ie Atlantic Richfield and
Turkish Petroleum and that the first drill gave 853 bopd from a segment
of the drill hole. (same as press release)

The next drill will be important as far as the expectations of the
reserv according to AL. He says further that he thinks they have found a
major reserve yet as stated before the next drill will be crucial - End.

Interest is picking up for this one in Sweden so the stock could get more of a life.
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