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

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To: Tomas who wrote (2512)	6/14/2001 5:52:06 PM
From: Greywolf	Read Replies (1) of 2742

Newspaper article in Sweden, the following is a summary of an article published in Finanstidningen on the 14/6 - italics my notes The sale of Lundin Oil´s assets are somewhat delayed yet information about it should be available before the weekend of the 23/6 according to Ian Lundin. - We are in discussions and it should only be a matter of day´s before they are completed, says Ian Lundin. Asked why the delay Ian says - the deal is complex and there are a lot of people involved. It takes time but the discussions are progressing forward. - We are looking at selling assets in at least two countries and in this Lundin Oils best developed projects. The Journalist notes that Malaysia/Vietnam, the North Sea and Libya are the best developed projects.. Asked if there is a risk of the deal falling through Ian says - That risk is always evident until such time an official PR is made yet Ian also adds that the deal is structured so that Lundin Oils shareholders are the once that make the final decision. The deal will entail as stated before - cash and a share in the "new" Lundin Oil. For Swedish taxation purposes the whole company will de sold and the the "new" Lundin which will spun off prior to the deal being completed and then takes over the projects Sudan, Iran, Falklands, Somalialand, Albania that are to be retained. The article goes on to note that the oil price and $ to SEK exchange rate are very favorable for Lundin at the present time and the cash to shareholders part of the deal grows with the above. On Wed the stock price of Lundin was trading at 32 to 34 SEK and as noted Ian Lundin has said lately that the assets of the company are worth 50 SEK a bit low if you take the bits apart yet 50 is the number and one should question the validityof the number it is after all published in a newspaper and is not issued from the company directly which is also the sum that the deal is being discussed around. Lundin are keeping the name of the bidder close to heart.

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