Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Greywolf who wrote (1467)	2/3/2000 10:25:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya: Lundin Intensifies Operations - Middle East Economic Digest, Jan.21 Sweden's Lundin Oil plans to start production of 15,000 banels a day in first-quarter 2001 at its En Naga development, increasing capacity to 25,000 b/d within 18 months. Formal government approval for the En Naga North and West development plan is expected shortly, Lundin officials say. The equity costs of the En Naga development are being funded by the proceeds of a rights issue carried out by Canada's Red Sea Oil in May (MEED 18:6:99). Lundin and Red Sea own 40 per cent and 60 per cent of the concession respectively. Lundin is a majority shareholder in Red Sea. Lundin also plans to drill two new wells in the first half of this year. The company expects to get results from a seismic survey by the end of March and to announce the location of its targets a month later. The impact of the lifting of UN sanctions earlier this year remains predominantly political, Alex Schneiter of Lundin says. Sanctions were suspended in April, after two men implicated with the 1998 Lockerbie bombing were handed over to the Netherlands authorities (MEED 18:6:99). "People are keen to see an improvement in the investment environment but in reality it has been limited." However, the outlook for the medium term is positive. It is already much easier to encourage international banks to come into Libya, improving future project financing prospects, says Schneiter. "I expect US oil companies to be back in two years," he adds.