Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: Tommaso who wrote (2454)	5/29/2001 12:03:53 PM
From: Greywolf	Read Replies (1) of 2742

An article in Finanstidningen during the afternoon in Sweden gives a bit more information; Ian Lundin points to the company´s large projects in Malaysia and Libya and their need of further capital. Lundin have given up on the idea of more stock emissions and then has taken the other option of selling operations. The needed finance over the next three years amounts to about 2.5 billion SEK and that would be "too many loans" even if part of the financing would be retrived by ongoing operations ie cash flow. Lundin have been contacted by several companies looking for a deal with Lundin as the company has made notice that it can be talked to. "If we can find a lucrative deal then we are obliged to our shareholders to consider it as it will involve a great deal of money" - Adolf Lundin If the deal goes through Lundin Oil´s shareholders will obtain a cash payment and shares in the "new" Lundin Oil which will have partshares in other operations, prospecting etc and CEO would be Ian Lundin. The "old" Lundin Oil had at the beginning of this year unexploited reserves in ground of 289 mmbo with 60% in Malaysia, 34% Libya and 6% North Sea. 41% of the reserves are gas. "We see good potential for the "new" Lundin Oil which in a year will be worth as much as the "old" Lundin is today" - Adolf Lundin Adolfs goal is still to make Lundin Oil one of the major independents "The discussions we now are in is a step on the road to that goal, sometimes you have to rationalise a bit and hold back before taking the next step. We are going to be able to accelerate our expansion and get the financing to push even harder than before" - Adolf Lundin The translation was done in haste so if I missed anything I am sure someone will point it out g Greywolf

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