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

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To: Tomas who wrote (2366)	5/3/2001 10:27:43 PM
From: Tomas	Read Replies (1) of 2742

Sudan - Ethiopia oil exploration Winning card for Gambela Upstream, May 4 By Iain Esau Vancouver-based Gambela Petroleum, a wholly-owned subsidiary of Pinewood Resources, signed a production sharing agreement with the Ethiopian government in January. ... The PSA -- called Gambela after the region in Ethiopia -- covers a 15,000 square kilometres concession in the Melut basin, near the Sudan border. No exploration work has been carried out on the block but Pinewood compares it to Sudan's Muglad basin where a oil finds have been made by Talisman and Lundin Oil. Chevron, just before it withdrew from Sudan, mapped several seismic features right up to the Ethiopian border and drilled a 12,000 foot stratigraphy test well, Sobat-1, on the Sudan side of the border in 1984. The well had oil and gas shows but was never tested. If Pinewood meets its new deadline, it plans to spend upwards of $3 million on a 1000 kilometre seismic survey from June 2002 and to spud an exploration well by March 2004, costing some $2 million.

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