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

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To: Tomas who wrote (2462)	5/30/2001 8:01:00 AM
From: Tomas	Read Replies (1) of 2742

Lundin shares soar amid talk of stake sale Gulf News (Dubai) Stockholm, Reuters, 30-05-2001 Shares in Swedish oil company Lundin Oil rose eight per cent yesterday after the company said it was in talks about selling a big part of its operations to an unidentified major Western oil company. At one point Lundin's share was 8.3 per cent up at an 18-month high of 31.10 crowns for a market value of 3.21 billion Swedish crowns ($302.8 million). "We are going to sell a big part of the company," Lundin Oil President Ian Lundin told Reuters by telephone. "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," he said. Lundin declined to say with which company Lundin Oil was holding negotiations but said it was "a very big oil company in the Western world". Lundin Oil has interests in Sudan, Libya, Malaysia, Vietnam and in the British sector of the North Sea. In recent months the company's presence in Sudan has been criticised sharply in Swedish media. Human rights activists say oil companies operating in Sudan are helping to fund the Islamist government in a civil war against rebels in the south. United Nations Balkans envoy Carl Bildt, a former Swedish prime minister, is a member of the board of Lundin Oil. His association with the company has come under fire by critics who say that job is incompatible with his UN role. In the first quarter of 2001 Lundin Oil's net profit rose 47 per cent, mainly thanks to higher crude oil world market prices, to $5.3 million. Production based on its stakes in various licences totalled on average 13,589 barrels oil equivalent per day. gulf-news.com

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