Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: Icebrg who wrote (2452)	5/29/2001 6:44:55 AM
From: Greywolf	Read Replies (1) of 2742

Swedes look to unload, Shares in Swedish oil company Lundin Oil soared early today after the company said it was in talks about selling a big part of its operations to an unidentified major. Lundin's share were up more than 8% in early trading, valuing the company at more than $300 million. "We are going to sell a big part of the company," Lundin Oil President Ian Lundin told the Reuters news agency. "This is a good time to sell. The big companies are trying to buy reserves and we are in possession of great reserves. It is possible to get a very good price today." Lundin declined to say who the buyer would be, but described it as "a very big oil company in the Western world". Lundin Oil has interests in Sudan, Libya, Malaysia, Vietnam and the North Sea. Average daily production is more than 13,000 barrels of oil equivalent.

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