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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1208)	7/27/1999 8:54:00 AM
From: Tomas	Respond to of 2742

Lundin Oil says to break-even in Q3, profit Q4 STOCKHOLM, July 27 (Reuters) - Swedish oil exploration and production company Lundin Oil , which made a loss of 370 million crowns in 1998, said on Tuesday it expected to break-even in the third quarter and make a profit in the fourth. ''We expect to break-even in the current quarter and make most of our profit for the year in the last quarter,'' Lundin Oil President Ian Lundin told Reuters. Earlier, the company, which has been hit by falls in oil prices last year, said it hoped to return to profit in 1999. Lundin Oil said in a statement that it had voluntarily delisted its shares from the Toronto Stock Exchange, but they would continue to trade on the Stockholm exchange and on Nasdaq in the U.S.. Lundin President Ian Lundin said the company took the step because of thin trading volumes in Toronto. ''Most of our shares are traded in Stockholm, and we thought we would have one other listing -- on Nasdaq would be good,'' he said. Lundin Oil produces around 9,000 barrels per day in the North Sea and 4,000-5,000 barrels per day in waters offshore Malaysia and Vietnam. biz.yahoo.com

To: Tomas who wrote (1208)	7/27/1999 9:28:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

"This is effectively the green light for the PNG gas pipeline". Chevron wins major gas contracts for Papua New Guinea pipeline By Diana Taylor BRISBANE, July 27 (Reuters) - U.S. oil giant Chevron Corp said on Tuesday it had negotiated key sales contracts that would help make a proposed A$5.5 billion (US$3.6 billion) gas pipeline from Papua New Guinea to the northeastern Australian state of Queensland a viable proposition. Chevron Services Australia, operator of the project, said it had signed a preliminary agreement with the Queensland state government's Allgas utility to take up to 130 petajoules of gas a year for 20 years, giving the pipeline project ''foundation status.'' It also said it was confident of signing a second agreement to supply 50 petajoules to other Queensland customers. Aluminium producer Comalco Ltd, a unit of global mining house Rio Tinto Plc/Ltd, said the sales agreements meant it would immediately start a final feasibility study on building an alumina refinery at the coastal city of Gladstone. Comalco has said the refinery will be built in either Sarawak, Malaysia, or in Gladstone. The Gladstone plant would be powered by gas from the Kutubu and Gobe fields in the rugged Southern Highlands of the South Pacific nation just north of Australia. Comalco has agreed to take up to 27 petajoules from the pipeline each year through Allgas, which also negotiated sales contracts on behalf of Tarong Energy, CS Energy and Sithe Energies Inc which all plan to build power stations in southeast Queensland. Queensland Premier Peter Beattie welcomed the sales contracts, saying the pipeline was now likely to go ahead and would provide 5,100 construction jobs. ''This is effectively the green light for the PNG gas pipeline, with the foundation customers now agreeing on price, gas volumes, fundamental terms and conditions,'' Beattie said. Chevron said once the contracts had been approved by the boards of each company, the project would ''move into front end engineering and in parallel final approval and finance activities.'' This was expected to take about 12 months. The Australian Gas Light Co said it expected construction of the pipeline would be completed by early 2003, with work to begin once all contract stages had been completed. AGL and Malaysia's state owned oil company Petronas will build, own and operate the 2,100 km (1,300 mile) pipeline from the PNG sea border with Australia to Gladstone. Chevron external affairs manager Cliff Leggoe said contracts for the other 50 petajoules of gas would hopefully be signed in the near term from north Queensland customers such as Ergon Energy, Stanwell Corp and QNI Ltd's nickel refinery in Townsville. The partners in the PNG gas project are Chevron Niugini Ltd, Merlin Petroleum Co, Oil Search Ltd, Orogen Minerals (Kutubu) Pty Limited, and Petroleum Resources (Kutubu) Pty Ltd. (A$1 equals US$0.65) biz.yahoo.com