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

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To: Tomas who wrote (2699)	8/9/2001 8:49:48 PM
From: Tomas	of 2742

Somaliland: Target for Chinese - Upstream, August 10 By Barry Morgan Hargeysa target for Chinese A Chinese-led consortium angling to commence exploration in the breakaway, as yet unrecognised Republic of Somaliland has publicised plans to sink seven deep onshore wells in some of the territory's less secure areas. The Great Wall Chinese Oil Company told the American Society of Petroleum Engineers it would bring supplies in through the port of Berbera, and drill sites using maps and data originally acquired by Conoco. Spurred by officially-voiced doubts over its sincerity, the Chinese outfit said it would mobilise soon from sites in southern Sudan once it had completed its projects there but stopped short of giving a timetable. Reports indicate the group is prepared to deploy 40 specialised personnel together with logistics to Somaliland for a programme slated to drill in Sahil Sail, Sanag Sail, Tahil, Gabiley and Borama where tests were done by Conoco in the early 1980s. Several high-ranking officials in the Somaliland government doubted whether the three-partner consortium - which includes US and UK investors - would commence work this month, as agreed with Hargeysa's Minister of Mineral Resources Mohamoud Abdi Farah earlier this year. Senior UN officials in Hargeysa said that UK mining interest Rovagold's chief executive Andy Chakravarty initially visited the country to tie up an accord but the government indicated it would prefer to deal with his principals in Beijing. China then reluctantly sent its research and development specialist on two separate missions to shore up the deal. Rovagold has focused on block 35. Conoco holds prized blocks in the consortium's frame of reference - 29, 28, 27 and 31. Energy officials close to the presidency insist Somaliland may have constructively assumed force majeure on these blocks but has not formally taken them back, leaving the Chinese agreement in legal limbo. Chinese interests are also active in the breakaway territory of Puntland, close to Somaliland.

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