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

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To: Tomas who wrote (2574)	6/24/2001 12:38:43 PM
From: Tomas	of 2742

Petrocan in Libya - The Globe & Mail, June 22 By Lily Nguyen CALGARY -- Petro-Canada has agreed to buy Lundin Oil AB's interests in Libya for $75-million, a move analysts questioned as politically risky. The acquisition, which is part of a series of transactions that would see Sweden-based Lundin be taken over by Talisman Energy Inc., would give Calgary-based Petrocan a 25-per-cent interest in an oil block in the Sirte basin. The other 75 per cent is held by the National Oil Company of Libya. Some analysts questioned the move, in light of a U.S. bill that proposes capital market sanctions against companies operating in such prohibited countires as Sudan, Libya and Iraq. "You kind of wonder what they're doing here, getting into Libya," said Steve Calderwood of Salman Partners. He said it is likely Talisman would have taken on the property if not for the political pressure it would engender. But Talisman's proposal to take over Lundin stipulates that the Libya interests be sold first. Chris Dawson, a Petrocan spokesman, said the company considered the political risks and decided to move ahead. globeinvestor.com

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