Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: Greywolf who wrote (2457)	5/29/2001 5:34:58 PM
From: Tomas	Read Replies (1) of 2742

US group talks Swedish - Lundin Oil in talks with US non-major Upstream, May 29 Christopher Hopson Lundin Oil is close to agreeing with a US non-major oil company to sell a substantial part of the company's operations. The agreement is imminent, sources said. "It is with a North American company which is not one of the majors," he said He explained that the company was looking to raise money, in part to finance its Malaysian operations. Shares in Swedish oil company Lundin Oil soared today after the company said it was in talks about selling up to an unidentified company. Lundin's shares climbed more than 8% in early trading, valuing the company at more than $300 million. In an official release, Lundin Oil said it was "evaluating financing alternatives for the development of its extensive oil and gas reserves" and that the company "has had discussions with other companies in the oil sector regarding a possible corporate acquisition of the company combined with a spin-off of certain assets". 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. Photo text: Lundin Oil is hoping to avoid any slip-ups in its negotiations to sell part of the company.

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