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

To: Tomas who wrote (1525)	3/13/2000 1:37:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Second Calgary company set to start exploration in Sudan CALGARY (CP) March 13 - A second Calgary oil company is set to develop an energy project in strife-torn Sudan, following on the heels of a controversial project in which Talisman Energy Inc. is a partner. Fosters Resources Ltd., an oilpatch junior, announced Sunday it has entered into an exploration and production sharing agreement via its affiliate Melut Petroleum Co. with the Sudanese government and other private companies. "The signing of the (agreement) provides one of the most exciting opportunities for Fosters to date," said company president Randy Pawliw in a press release. "We look forward to working with the Government of the Republic of Sudan and our other partners to capitalize upon this opportunity." The company plans to explore for oil and exploit an existing discovery on a concession covering the majority of the Melut Basin in central Sudan. A major part of the company's involvement in Sudan, stricken by a 17-year civil war, would be the creation of a pipeline linking an existing oilfield and any new reserves. The announcement follows the continued involvement of Calgary-based Talisman in Sudan. Talisman was the first Canadian company to become involved in Sudan's oil industry and came under criticism from the U.S. government and human rights officials. Human rights critics believe dollars from the oil industry produced by Talisman and its partners in the Greater Nile Oil Project are helping finance a war waged by Sudan's Islamic-led government against religious minorities and opponents in the impoverished east African country. As many as two million people have died as a result of fighting and war-related famine. Reached at his Calgary home Sunday night, Jim Buckee, chief executive officer of Talisman, said he has never heard of Fosters Resources or its deal with Melut. "I am aware of the Melut Basin, but just," Buckee said. "But I really don't know anything about this." Buckee said until Sunday's announcement, Talisman was the only Canadian oil company to be involved in oil exploration in Sudan. He said the Melut Basin is relatively far from the oil developments Talisman is involved with in Sudan and didn't anticipate that Fosters' exploration would lead to competition with his company. Fosters' 72,000-square-kilometre concession is about twice as large as the one Talisman is involved with. Fosters has a 25 per cent interest in Melut and has agreements with three other shareholders, which will allow Fosters to increase its ownership in Melut to 83 per cent. (Calgary Herald) southam.com