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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Timelord who wrote (197)8/22/1997 6:52:00 PM
From: Tomas   of 2742
 
Red Sea Oil Announces Rights Issue - Company Press Release

Alex, what do you make of this press release? A lot of buyers today, almost no sellers, and the highest stock price since the debacle back in April. Time to buy on Monday?

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 22, 1997-- Red Sea Oil Corporation ("Red Sea") is pleased to announce that it intends to undertake a rights offering to its shareholders. Shareholders of Red Sea will receive one right for each four common shares held on a record date to be later determined. One right plus the subscription price to be later determined will entitle the holder to subscribe for one common share. The rights will not be exercisable by shareholders resident in any Canadian jurisdiction other than the provinces of Ontario, British Columbia and Alberta and will not be exercisable by residents of the United States of America or any territory or possession thereof.

The net proceeds of the rights offering, if successfully concluded, will be used for drilling the B1-NC177 well on Block NC177 in the Sirte Basin, onshore Libya, on a prospect known as the En Naga North.
The rights offering is subject to the obtaining of all requisite regulatory body approvals.

ON BEHALF OF THE BOARD
Ian H. Lundin, President
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