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

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To: Tomas who wrote (2372)	5/8/2001 10:54:12 PM
From: Tomas	Read Replies (1) of 2742

Somaliland: oil exploration to start! Text of report by the Somaliland newspaper Mandeeq, in Somali Somaliland signs oil prospecting contract with Chinese company The Ministry of Water and Natural Resources of the Republic of Somaliland signed an oil prospecting contract with Continental and Petroleum Engineering Corporation [CPEC] of China on 7 May 2001. According to the assistant minister in the ministry, Yusuf Isse Tallabo, the contract will last for a year after which the company will stop operating if no oil is found. Mr Tallabo cited the exploration areas as Block 35, 36 and M-10A which are all located in the eastern part of Berbera. The assistant minister added that the company will start its operations within the first three months of the year and that the agreement allows either of the two parties to withdraw during this period if they find it necessary. ______________________________________________ My comment: Lundin Oil owns 20% of the above mentioned blocks, see: lundinoil.com My guess is that the Chinese company became operators after buying BP Amoco's 50% stake. The Chinese company is probably = China Petroleum Engineering & Construction Corporation (CPECC), a subsidiary of China National Petroleum Corporation (CNPC). CPECC have subsidiaries in Sudan and Kazakhstan, and they built the pipeline in Sudan.

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