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

To: Greywolf who wrote (1560)	3/23/2000 7:58:00 PM
From: Tomas	Respond to of 2742

High Oil Price Hits Small E&P Company Plans Financial Times FT.com site, 23 March Soco, the London-based oil and gas group, on Thursday said the high world oil price was preventing small exploration and production companies from buying new assets. Last year the group sold its UK assets and acquired Torobex, an investment vehicle, to pursue new assets in the Middle East and North and West Africa. Despite an aggressive approach the company has been unable to close any deals to date. Roger Cagle, chief financial officer, said: "The high oil price cannot harm us because it adds to our bottom line. But it is becoming more difficult for us to pursue interesting opportunities because there is more competition." Soco specialises in exploration and production in developing and politically sensitive countries including North Korea, Vietnam and Mongolia. It is seeking new licenses in Libya, Iraq, Iran and the Congo. Mr Cagle added: "At low oil prices, if you have low production costs, a company like ours can be very successful. But at the moment a lot of companies are moving into areas they wouldn't previously have looked at and are paying unjustified premiums on assets." Oil industry commentators said the high oil price was leading to a general stagnation in asset deals and mergers and acquisitions at the smaller end of the market. Bruce Evers of Investec Henderson Crosthwaite said: "There are plenty of assets around but a gap between buyers and sellers is opening up as people are beginning to wonder what will happen if the price starts to go down again."

To: Greywolf who wrote (1560)	4/21/2000 12:02:00 AM
From: Tomas	Respond to of 2742

The Falklands: From Desire Petroleum - Chairman's statement RNS, April 20 The current improvement in the oil price, if sustained, is likely to lead oil companies to re-assess their exploration budgets which, in turn, may lead to renewed interest in drilling offshore the Falkland Islands. Accordingly, Desire is currently preparing detailed farm-out proposals to present to potential drilling partners later this year. The potential for finding significant oil accumulations in the North Falklands Basin has been enhanced by the identification of a major source rock. It is hoped that, when the Industry becomes more active in oil exploration again, there will be renewed interest in the Basin. Dr Colin Phipps Chairman Source: Desire Petroleum PLC - Final Results, April 20