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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden

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From: TheRealJRL9/21/2007 6:50:34 AM
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Updated corporate presentation available


The company have updated their corporate presentation on their website: lundin-petroleum.com

I think the highlights are the updated information regarding Block 5B in Sudan and Lagansky in Kalmykia (Russia).

Sudan:
"National Petroleum Commission (NPC) has confirmed
the legal validity ofthe Block 5B partnership.

Requested by NPC to accommodate “Nile Pet”
(Government of South Sudan oil company) with a
10% interest in Block 5B.

Commencement of three well swamp drilling
programme in the fourth quarter 2007. Mobilisation
well advanced"


Russia:
"Russia Lagansky Block - Alliance with Gazprom

-Gazprom option to purchase
50% + one share in Lagansky
during exploration phase

-Lundin Petroleum option to
purchase 30% in Lagansky
from minority partner during
exploration phase

-If options exercised Lundin
Petroleum and Gazprom 50:50
partnership

-Lundin Petroleum continue to
operate in exploration phase"

I think the last point indicates that the license have been renewed(prolonged) and that they now could commence their work with the first well in the Morskaya prospect.


Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE").
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