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

To: Tomas who wrote (1528)	3/13/2000 6:33:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Fosters Surges on Sudan Oil-Exploration Agreement (Update1) Calgary, Alberta, March 13 (Bloomberg) -- Fosters Resources Ltd. shares more than doubled after the company said it will explore for oil in Sudan near an oilfield operated by a venture that includes Talisman Energy Inc. Shares in the Calgary, Alberta-based company rose C$0.80 ($0.55) to C$1.35 in Canadian Venture Exchange trading. Fosters said Melut Petroleum Co., a closely held company in which it holds a 25 percent stake, and unidentified partners received a concession from the Sudanese government to explore and produce oil in the East African country. The company said it and its partners can acquire a 46 Percent stake in the oilfield by spending as much as $30 million to develop it in the next three years. It said it's in talks with investment firms to raise the money. ``The signing of the exploration and production agreement provides one of the most exciting opportunities for Fosters to date,' Fosters President Randy Pawliw said in a statement. Fosters has interests in diamond mining claims in Canada's Northwest Territories and gold claims in New Brunswick. Talisman, which has a 25 percent stake in the Greater Nile Operating Co. joint venture, is facing opposition to its presence in the country after human-rights groups alleged the Sudanese government was using oil profits to fuel a civil war. The joint venture is under sanctions from the U.S. government. Fosters said exploration and drilling will this year.