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

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To: Timelord who wrote (367)	11/20/1997 9:07:00 PM
From: Tomas	Read Replies (1) of 2742

"IPC will acquire at least one additional highly prospective property during 1997" (Annual Report 1996). Adolf Lundin yesterday revealed what the report was refering to: the Kazakh part of the Caspian Sea. No papers signed yet, they are waiting for a bidding round in the near future, but plans are far advanced. Some background info: The area is located near the giant Tengiz field, described by oil analysts as the world's richest oil discovery of the last 20 years. Although no wells have yet been drilled in the North Caspian, the recently completed seismic survey and large nearby onshore discoveries such as Tengiz confirm that the offshore area is highly prospective. Located on the eastern shore of the Caspian Sea, Tengiz is one of the world's largest oil fields with reserves estimated in excess of six billion barrels. The Caspian Pipeline Consortium is planning to construct a 900-mile pipeline from the Tengiz oil field to Russia's Black Sea port of Novorossiysk. The pipeline is expected to be operational in late 1999. Texaco, Chevron, Mobil, BP and other major oil companies are heavily involved in the region. Many deals followed the world's largest offshore seismic exploration campaign, carried out between December 1993 and May 1997. U.S. President Bill Clinton on Tuesday hailed the potential benefits of investing in Kazakhstan, as the former Soviet republic endorsed a U.S. proposal to build pipeline routes that skirt Iran to transport oil and gas from the Caspian Sea. Links providing more details: Mobil Signs North Caspian Oil Agreement ÿhttp://biz.yahoo.com/bw/971118/mobil_1.html Total in Caspian oil deal with Kazakhstan ÿhttp://biz.yahoo.com/finance/971119/total_totf_pa_in_cas_1.html Kazakhstan may kill Iran pipeline option ÿhttp://biz.yahoo.com/finance/971119/kazakhstan_usa_iran__1.html

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