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

To: Tomas who wrote (1443)	12/10/1999 11:17:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

New hope for Lundin Oil's two concessions in Somaliland The blocks have been in "force majeure" since 1988 due to continued civil unrest. Lately, due to a significant improvement in the country's unrest and much improved political environment, Lundin Oil is attempting to re-activate the existing concessions (according to the new Lundin Oil web site). Lundin Oil will be carried through all exploration costs until two exploration wells have been drilled. Blocks 35 and M-10A are situated in Somaliland's most prospective Basin. Several well defined prospects have been ready to drill for the past 11 years. The Basin is an extension of the Yemen oil trend, and surface oil seeps confirm its potential. Operator is BP Amoco. A short background: In 1986/87, IPC acquired two blocks in northern Somalia, on the coast of the Gulf of Aden (east of Berbera). A seismic program and extensive geological and geochemical sampling and mapping were completed. The analysis of the data demonstrated the prospectivity of the blocks, allowing IPC to farm out working interests in the concession. These wells were to be drilled in 1988, but due to military strife the operator Amoco declared force majeure and the drilling program was postponed.