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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: balisurf who wrote (522)3/15/1998 7:18:00 PM
From: Tomas  Read Replies (1) of 2742
 
balisurf: Did you notice the following press release on Malaysia:
sandsp.se
"Phase 2 has reached an important milestone with the award of the major contracts, awaiting final government approval".
"Oil reserves have been revised upwards by 14.7%, NOT including reserves proved up by the recent Bunga Seroja and Northwest Bunga Raya discoveries".

"It is expected that Phase 2 will be completed in mid-2000 with the first gas date in June, 2000." The official explanation to this 6 month delay is: "Difficulties meeting the delivery deadlines" (as mentioned in the Upstream article). Do you think this is the real (and only) reason?

If the 5 well exploration program due to commence in June is successful, phase 1 oil production will probably be expanded (to 30.000 bopd?). Bunga Kekwa is currently producing from 2 wells, and I don't think they are in a hurry to start production from the third well as long as oil prices are where they are.

Any idea how profitable the Kekwa-production is today? The cheap Ringgit helps to keep production costs down, not more than $3.50 per barrel I think.

The gas pipeline has a maximum capacity of 300 MMcf/d, but Ian Lundin said a couple of months ago that he would have preferred a pipeline with a 350-400 MMcf/d capacity, but then it was too late to make any changes. Now the situation has changed, wonder if they are planning to increase the pipeline diameter?
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