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

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To: Tomas who wrote (2485)	6/6/2001 4:31:43 PM
From: Greywolf	Read Replies (1) of 2742

Horn of Africa sounds off - Somaliland, Upstream 19:15 GMT Voters in the breakaway Republic of Somaliland have thrown their support behind President Mohammed Egal's attempts to gain international recognition for the former British protectorate in the Gulf of Aden. Potential upstream assets in the country, however, may be Egal's ace in the hole. Initial results from nationwide polls conducted on whether to opt for independence have brought a resounding response from an electorate tired of war and keen to forge its own path to economic recovery. Egal's government earlier this week indicated that reviving investment in the upstream oil sector had been difficult because companies were hindered by a lack of proper insurance for equipment and personnel. The government is convinced that rich oil deposits lie offshore where Chevron relinquished acreage after internecine strife tore the country apart in the early 1990s. Chevron and Conoco also walked away from plots in the oil-prospective Las Anod region straddling Somaliland and the breakaway autonomous region of Punt, where warlord Abdullahi Yusuf holds sway. Yusuf this week claimed the breakaway government's referendum did not reach the disputed border areas of Sool and Sanag but independent US monitors confirmed that voting took place and that pro-independence ballots recorded a convincing 54% in the wards most at risk from pressure from Puntland. Elsewhere support for Egal came in at 97% with an overall voter turnout of 75%. A decade after declaring a republic, the would-be country is no nearer achieving diplomatic status with its neighbours but hopes de facto recognition will follow if upcoming exploration confirms significant hydrocarbon reserves. TotalFinaElf has just completed a controversial oil storage project on the coast and is this week understood to have identified exploration targets both on and offshore the port of Berbera.

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