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

To: Tomas who wrote (1547)	3/21/2000 10:53:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Red Sea Oil - Lundin Oil Plan Of Arrangement Update VANCOUVER, BRITISH COLUMBIA--(RSO - CDNX) Red Sea Oil Corporation (the ``Company') is pleased to provide an update on the previously announced acquisition of Red Sea by Lundin Oil AB [NasdaqSC:LOILY - news] pursuant to a plan of arrangement. Red Sea has scheduled a court hearing for March 24, 2000 with the Ontario Superior Court of Justice for the purpose of obtaining an interim order which would allow Red Sea to proceed with its annual and special meeting of shareholders called to consider the plan of arrangement for approval. Provided that the interim order is obtained, Red Sea will be mailing to its shareholders a management information circular and proxy statement on or about March 31, 2000. The management information circular will include a description of the plan of arrangement, prospectus level disclosure regarding Red Sea and Lundin Oil and pro forma financial information giving effect to the plan of arrangement. A letter of transmittal will be included in the mailing to Red Sea shareholders. Red Sea shareholders will be required to complete and return the letter of transmittal together with their share certificates in order to obtain Lundin Oil Series B shares upon completion of the arrangement. The annual and special meeting of Red Sea shareholders is scheduled for May 4, 2000 at Red Sea's offices in Vancouver, British Columbia. Lundin Oil has also scheduled its annual general meeting for May 4, 2000 in Stockholm Sweden at which Lundin Oil shareholders will consider, for approval, the issuance of additional Lundin Oil Series B shares pursuant to the arrangement. Provided that the requisite Red Sea and Lundin Oil shareholder approvals are obtained, a court hearing will be held on May 8, 2000 for the purpose of obtaining a final order approving the arrangement. Upon receipt of the final order, Lundin Oil will commence the process of registering the new issuance of Lundin Oil Series B shares in Sweden which is expected to take approximately 10 days. Once the Lundin Oil Series B shares are registered, Articles of Arrangement will be filed and Red Sea shareholders who have completed and returned their letters of transmittal will receive Lundin Oil Series B shares to which they are entitled. The Lundin Oil Series B shares to be issued to Red Sea shareholders will be represented by global depositary shares (``GDSs') evidenced by global depositary receipts (``GDRs'). The GDSs trade on NASDAQ under the symbol LOILY. The GDSs may be converted into Lundin Oil Series B shares at any time upon the payment of a fee to the GDR depositary, should the shareholder wish to trade the shares on the Stockholm Stock Exchange where Lundin Oil trades under the symbol LOILB. The normal fee charged is $0.05 per share, however, a special arrangement has been made to reduce this fee for a limited time following completion of the plan of arrangement. Full information on the special fee arrangement will be available through the GDR depositary and in the management information circular of Red Sea.

To: Tomas who wrote (1547)	3/21/2000 10:30:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Papua New Guinea: Drilling to start at gas processing site The National, March 22 EVEN though Comalco Ltd has continued to cast doubt on the timing and prospects of the PNG to Queensland gas pipeline project, work has continued apace even as the gas consortium tries to firm up gas contracts for the project's eventual go-ahead. This week drilling of seabed test holes will commence at the proposed gas processing site in the Gulf of Papua. A specially adapted drilling vessel has left Port Moresby to drill holes of up to 100 metres depth in the seabed in water to the south of the Kikori Delta. This will help establish conditions for the construction of processing and offloading facilities for the PNG Gas Project. The processing facility will involve a huge concrete gravity structure, the size of a football field, which will be towed into position and then partially submerged, to rest on the sea floor. There are also plans for construction of a storage structure for liquefied petroleum gas (LPG) and a mooring point for ships loading the gas for export. "We need information on the conditions under the floor of the sea in order to design these very big structures, and their anchoring points," said Dr Moseley Moramoro, Chevron Niugini's gas commercialisation director, after he saw the drilling ship, MV Mariner, leave the Port Moresby harbour for the Kikori Delta. Dr Moramoro said: "While commercial negotiations continue between the joint venturers in the gas project, and the marketing effort in Queensland continues to firm up our customer base, we are proceeding with the technical design work. "Nothing on this scale has ever been attempted in Papua New Guinea before, and we are seeing all kinds of ships and survey equipment being mobilised into PNG. "We are also pleased to see that employment and experience is being gained by local crewmen involved in the survey work." The MV Mariner is a highly specialised vessel which can position itself and anchor with great accuracy to drill holes at precise locations. Satellite navigation equipment and global position systems give accurate position fixes, and the drilling crew are able to retrieve soil samples from depth, and store them undisturbed for transfer to analytical laboratories onshore. wr.com.au _________________________________________________ Comalco to decide on refinery site in 14 days The National, March 22: wr.com.au