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

To: Tomas who wrote (1663)	5/18/2000 5:07:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Back in Albania! Lundin Oil AB Announces Recommencement of Exploration Activities in Onshore Albania Lundin Oil AB ("Lundin Oil") is pleased to announce that Force Majeure has been lifted as of April 15, 2000 on 2 of the 3 blocks onshore Albania in which it is currently a partner. Under an agreement reached with the Albanian government, Blocks 2 and 3 will have Force Majeure lifted while Block A will remain in Force Majeure for the present time. The blocks were awarded in June of 1998 and have been in Force Majeure since December of that same year. The group includes a subsidiary of Occidental International Exploration and Production Company ("Oxy") with 50%, Forest Oil Albania ("Forest") with 30% and Lundin Oil subsidiary Lundin Albania Limited with 20%. Oxy is operator for the group. Preparations are underway to commence drilling operations in the 4th quarter of 2000 on the Shpiragu prospect (formerly known as Sqepuri) in Block 2 which is a large sub-thrust structural feature with over 3,000 metres of vertical closure. Several additional large leads have been identified on existing seismic and landsat images. The blocks are located within and on trend with the previous petroleum system in Albania where an estimated 1 billion barrels of recoverable reserves have been discovered. Most of the existing oil fields in Albania are located within the boundaries of Blocks 2 and 3. The current producing area of these fields have been excluded from the permits, however, rights to deeper exploration objectives below these fields are included.

To: Tomas who wrote (1663)	5/18/2000 10:22:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

Libya: NOC Strive to Improve Gas Exploration Conditions TRIPOLI, May 18 (energy24.com) - A framework has been drawn up by Libya?s state-owned National Oil Company (NOC), to improve conditions for gas exploration. The terms have been described as stringent, but are in fact similar to those governing oil. Under the framework, NOC will have first rights to any foreign company?s share of gas, at an agreed level of discount. In the case of a small discovery being made, gas would be directed into the domestic market, but large finds would be open to export by the company. The document also allows for oil companies to integrate small discoveries into a single development, but the NOC have not as yet defined the boundaries between a large or small discovery. Industry sources have stated that NOC informed a total of 48 foreign firms that licences could be extended beyond the existing three years for production sharing, laid down in the EPSA-3 document.