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

To: Tomas who wrote (1485)	2/10/2000 4:10:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Malaysia/Vietnam Gas Sales Agreement Signed. PM-3 Gas Project to Proceed. Lundin Oil AB ("Lundin Oil") is pleased to announce the signing of a gas sales agreement with Petronas and PetroVietnam, the Malaysian and Vietnamese national oil companies, whereby 250 million cubic feet per day of gas will be sold from the PM-3 Commercial Arrangement Area ("PM-3 CAA") over a period of up to twenty years. Approval has been received from Petronas and PetroVietnam to the field development plan for Phases 2 and 3 of the PM-3 CAA project which envisages first gas delivery in the second half of 2003 and initial liquids production of 40,000 barrels per day. All other documentation is now agreed to allow the project to proceed. Ian H Lundin, President of Lundin Oil, commented "The finalization of the gas sales agreement with Petronas and PetroVietnam is a historic milestone for the company. We have been extremely successful in discovering oil and gas in Malaysia over the past few years and we look forward to bringing these reserves into production. We have already discovered substantial quantities of oil and gas and are confident that the PM-3 CAA area contains significant additional reserves that will assist in developing the growing economies of Malaysia and Vietnam well into the new millenium". Lundin Oil has a 41.44 percent working interest (held through Lundin Malaysia Limited with 26.44 percent and Lundin Malaysia AB with 15.00 percent) and is the Operator of Block PM-3 CAA. The remaining interest is held by Petronas Carigali Sdn Bhd with 46.06 percent and PetroVietnam Exploration and Production with 12.50 percent.

To: Tomas who wrote (1485)	2/17/2000 7:13:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Conoco says frozen Libyan oil assets in good shape NEW YORK, Feb 15 (Reuters) - U.S. oil major Conoco Inc. said on Tuesday that a recent inspection found its oil assets in Libya to be in good condition and the company hoped to be able to return to the North African nation within the next few years. Libya took over the assets of Conoco and several other major U.S. oil companies after President Ronald Reagan ordered them out of Libya when the U.S. bombed the north African country for allegedly supporting terrorism. Gary Merriman, Conoco's president of exploration and production in the Americas, also told analysts at PaineWebber Group Inc's 13th Annual Energy Conference in New York that his company was seeking to increase earnings per share by 10 percent per year over the next few years. "One key objective is to increase earnings per share by 10 percent on average and to increase return on capital by 12 percent,' he said. Merriman said that Conoco, the No. 5 U.S. oil company, was keen on regaining a foothold in the Middle East oil and gas sector. He reiterated Conoco's opposition to the U.S.'s Iran-Libya Sanctions Act, under which it has lost huge investments, and said that Conoco expects to be one of the first companies -- if not the first -- to be allowed back into Iran. The assets of Conoco, Marathon Oil Inc.(Toronto:M.TO - news) and Amerada Hess (NYSE:AHC - news), partners in a major Libya project, along with assets of two other U.S. firms, Occidental Petroleum (NYSE:OXY - news) and Grace Petroleum, subsidiary of chemical giant W.R. Grace & Co. (NYSE:GRA - news), have been frozen since 1986. ``We were allowed back in Libya to inspect abandoned assets left in 1986 due to the U.S. sanctions. We found the assets operating in good repair,' Merriman said. But American unilateral sanctions against Libya still bar these companies from returning now to the oil-rich country as investors. Merriman said that Conoco hoped that its recent trip would be the first step towards returning to Libya. Asked about a timeframe for the company to be allowed back into the country, Merriman said, "The timing on getting back is a difficult one to answer. It is more of a political issue than an operational issue. But we hope that this could be achieved within the next few years. The Libyan government had also showed a big interest in having the U.S. oil major back, he said. ``They (Libyans) are interested in having us back. They would like us to participate in the assets we left and they are also interested in having us in other opportunities there,' Merriman said. biz.yahoo.com