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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (517)3/8/1998 8:50:00 AM
From: Tommaso  Read Replies (2) of 2742
 
Thanks, as always, for the intelligent and well-informed assessment.

My own views are somewhat colored by my ownership of some Tanganyika Oil Company (on which I actually made some money by selling part at the right time). I knew about the 1-in-6 estimate of finding oil.

Still, I do perceive how the Lundins succeed in getting other people to put up money for actual drilling expenses while retaining rights to half of anything that is discovered--and how once again they are setting up a shell for investors who wish to speculate, so that in case of failure their own company will remain intact and undamaged financially. I am not finding fault with this. Self-preservation is the law of life.

I did forget to take into account, of course, the temporary loss of interest in new fields because of the low oil prices currently, and how that makes raising capital more difficult.
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