Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (1843)	9/15/2000 10:42:10 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Arab League Urges Permanent Removal of Sanctions Against Libya By Walter Pfaeffle New York, Sept. 15 (Bloomberg) -- The Arab League urged today that United Nations sanctions against Libya be lifted ``immediately and definitively'' on grounds that Tripoli complied with U.S. and British demands to hand over two suspects in the 1988 Pan American Airways bombing over Lockerbie, Scotland. The league, along with the Organization of African Unity, ``deeply regrets the fact that the (UN) Security Council failed to adopt a resolution lifting the sanctions'' after a report from the U.N. Secretary-General found that Libya had discharged all of its obligations, said a letter from the league to the council. The Arab League letter to the council was signed by the foreign ministers of Algeria, Egypt, Libya, Mauritania, Morocco, Syria, and Tunisia, which constitute the League's ``Committee of Seven'' dealing with the Libya issue. Despite Libya's full compliance, the letter says, the council hasn't yet lifted the sanctions. They cited a 1993 council resolution, endorsed in 1998, which spoke of lifting the sanctions once Libya had fully complied with the council's demands, after receipt of a report from Secretary-General Kofi Annan 90 days after their suspension. ``The deepening suspicions of the Libyans are justified, and it is understandable that their patience is becoming exhausted,'' the letter said. ``The circumstances are such as to justify the positions they are adopting, and the League is entitled to express its deep concern at the situation.'' In July 1999 the Security Council complimented the Libyan government for its cooperation in the Lockerbie case but the United States blocked a bid by six developing countries to lift the sanctions immediately. The U.S. envoy at the time, ambassador Peter Burleigh, said it would be hard to make a judgement ``until the trial, at least, has begun'' and that it would easier to make a decision ''once the trial is over.'' The trial began in May this year and is continuing.

To: Tomas who wrote (1843)	9/22/2000 11:11:03 PM
From: Tomas	Respond to of 2742

British Firms Eye Libya as Tripoli Warms to West By Michael Georgy LONDON, Sept 22 (Reuters) - Long term prospects not quick deals will be the aim of over 30 British businessmen on an upcoming trade mission to Libya, one of the world's most unpredictable countries. The trip comes as Libyan leader Muammar Gaddafi is busy trying to project a polished image to Western countries which have long accused him of sponsoring international terrorism. Libya now seems more interested in luring foreign cash than fierce verbal tirades against the West - good news for oil executives, long frustrated by United Nations sanctions. They hope to convince the OPEC producer to make investment terms sweeter to lure foreign cash and capture revenues while rocketing oil prices are delivering a windfall. The Libyan British Trade and Investment Mission will visit Libya from September 30 to October 3, the second such trip since the United Nations suspended sanctions on the North African country last year. The companies, which include British Gas International, Ford Motor Co's UK unit Land Rover, Shell, Bass Hotels and Resorts and Biolab Water Additives Corp, will explore for investment opportunities in Libya. "People obviously have been cut off from trading in Libya because of sanctions which have now been suspended, thank goodness, and they are keen to find out the opportunties," Jeremy Hanley, former British Minister of State for Foreign Affairs, told Reuters at a function to prepare for the trip. He is now chairman of International Trade and Investment Missions Limited, which is organising the mission. Trade mission officials said they were encourged by developments on the ground in Libya, where Gaddafi wants to trim bureaucracy and give more power to local government. LOCKERBIE FADES Libya paved the way for fresh investment when it handed over for trial in the Netherlands two suspected Libyan agents accused of involvement in the 1988 bombing of a U.S. airliner over the Scottish village of Lockerbie. The U.N. suspended sanctions and a European embargo has also been lifted. The United States has maintained sanctions. Britain and Libya re-established diplomatic ties last July after Tripoli agreed to pay compensation for the fatal shooting of a London policewoman and handed over the Lockerbie suspects. Delegates to the Libya trip, which will take place while the Libyan Lockerbie suspects are on trial in the Netherlands for the bombing of Pan Am flight 103 which killed 270 people, said they were encouraged by Tripoli's cooperation in the case. "In many areas the political difficulties of the past, we now have an understanding that is allowing the business communities to work together," Hanley said. OIL OPENINGS Libya's oil industry could offer some of the biggest opportunities for British and other foreign companies. While one oil executive described the country as a sleeping giant in terms of exploration opportunities, businessmen said they would seek relaxed investment terms. "The key message to the Libyans on the oil front is to make the terms sufficiently attractive so that they encourage investment," said Steve Lowden, director of Commericial and Business Development at Premier Oil PLC. While British businessmen were upbeat on Libya's potential, others were doubtful that Gaddafi would swiftly ease red tape and relinquish enough control of the economy. "They have been making promises for 20 years," an Arab businessman with interests in Libya told an associate at the function.

To: Tomas who wrote (1843)	9/25/2000 9:55:35 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Lundin Oil spuds exploration well in Libya International Petroleum Libya Ltd ("IPLL"), the wholly owned subsidiary of Lundin Oil AB ("Lundin Oil"), which operates Area NC177 Onshore Libya in Joint Venture with the National Oil Corporation has resumed exploratory drilling with the spudding of the D1-NC177 well. The well is located 65 kms southwest of the En Naga Oil field discovered by IPLL in 1998 and currently under development. The proposed total depth of the well is 3,500 meters and it is expected to take approx. 65 days to drill after which a decision to test will be made. Another exploratory well will be drilled immediately following the completion of D1-NC177. Ian H. Lundin, Chief Executive Officer of Lundin Oil, commented as follows: "Libya is a core area for Lundin Oil and the commencement of this drilling campaign represents another chapter in our long involvement in the country. In the event of a discovery the economics of tieing it in to the facilities that will already have been developed at En-Naga are very attractive." Lundin Oil is an Independent Swedish oil company exclusively engaged in oil and gas exploration and production. The Company produces oil and gas in the UK sector of the North Sea as well as offshore Malaysia/Vietnam. Lundin Oil has development projects in both Libya and offshore Malaysia/Vietnam, with ongoing exploration interests in Libya, Albania and Sudan. The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol "LOILB") and on NASDAQ (symbol "LOILY"). cgi.algonet.se