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Gold/Mining/Energy : Sodra Petroleum -- Ignore unavailable to you. Want to Upgrade?

To: Oily1 who wrote (126)	10/15/2000 11:04:35 AM
From: Greywolf	Respond to of 133

NORTH FALKLAND BASIN: KEEP YOUR COOL IN THE FACE OF THE LATEST OIL CRISIS A few interesting words from my friend Juanita By J. Brock (FINN) Thursday’s sharp rise in oil prices has triggered nervous feelings amongst many investors in hydrocarbons stocks. News broadcasts are touting the highest prices since the Gulf War for Light Sweet Crude at more than £35.00 a barrel (during the Gulf War it peaked at $41.00) and Brent Crude at just under $35.00. Indications are that the prices could even go higher as the crisis in the Mid-East escalates. The good news for investors in the North Falkland Basin is that the reserves are there, the source rock is there regardless of the problems that have led to the sharp rise in oil prices. Reverse the scenario and it is true that is that the reserves and the source rock are there regardless of any future drastic drop in oil prices. Like it or not, hydrocarbons are odd bedfellows with politics and this latest crisis has been fuelled (pardon the pun) by the fear of the unknown as far as the Mid-East is concerned. Will the events of the past few weeks in Israel spread to neighbouring countries in the region? Will the flow of hydrocarbons stop as a result of terrorism? There has been panic buying of crude oil because of these unknown factors and this has pushed up the price of crude dramatically. A good spin off in all of this panic is that the volatility in the Mid-East makes it more attractive to invest in areas where the situation is not so critical. At the moment, this indicates those Desire Petroleum stocks very interesting, indeed. But don’t sell them off thinking that you will make a quick profit. They are down compared to the high prices realised when people thought there would be a quick discovery of millions of barrels of oil in the North Falkland Basin. The best advice is to hang on to those stocks. They will create more interest once exploratory drilling begins again in the area and when investors can see a positive result after all of these years of waiting. Good times will come. Investors should be aware that there are still splinter groups in the UK and in Europe who intend to keep the pressure on as far as the price at the pump goes. The rise in the price per barrel will ensure that these kinds of group movements will be a possibility. But no matter what, the panic buying and the rising or falling prices will not affect the quality of the source rock and the reserves in the North Falkland Basin. Your investments are sound. Hang in there.

To: Oily1 who wrote (126)	11/8/2000 7:30:38 AM
From: Greywolf	Respond to of 133

Earlier release of 9 month report! Lundin Oil and Sodra Petroleum are going to release their reports on the 14th of November as opposed to the planned date 24th. Interesting..

To: Oily1 who wrote (126)	11/14/2000 6:11:12 AM
From: Greywolf	Respond to of 133

Report for the period 1 January 2000 – 30 September 2000 RESULT AND CASH FLOW The Group Sodra Petroleum AB (Sodra) reports a group net profit for the nine months ended 30 September 2000 of TSEK 2,056 (period to 30 September 1999, TSEK 2,494) corresponding to SEK 0.03 (SEK 0.03) per share. Sodra incurred administration expenses of TSEK 3,298 during the period (TSEK 3,515). Net financial income and expenses were TSEK 5,354 (TSEK 6,009). Included was interest received of TSEK 5,666 (TSEK 5,972) and net currency exchange loss of TSEK 312 (profit of TSEK 37). Currency exchange movements arose primarily as a result of translating loans receivable from USD to SEK. Parent Company The parent company reported a net loss for the period ended 30 September 2000 of TSEK 3,419 (profit for the period of TSEK 482). The loss was the result of service income of TSEK 127 (TSEK 2,819), net financial income of TSEK -382 (TSEK -157) and administration costs of TSEK 3,165 (TSEK 3,144). GROUP STRUCTURE Sodra is the parent company of the group also consisting of Sodra´s 100%-owned subsidiary Sodra Petroleum BV, a company registered in the Netherlands. Sodra is an approximately 50% owned subsidiary of Lundin Oil AB (Lundin Oil). FINANCING AND LIQUIDITY The Group Liquid assets at 30 September 2000 amounted to TSEK 111,841 (TSEK 6,590). Sodra has entered into a revolving loan agreement with its associated company Lundin Oil. The outstanding loan balance is currently zero. Parent Company Liquid assets at 30 September 2000 amounted to TSEK 99 (TSEK 5,301). INVESTMENTS The Group During the period, investment in oil and gas assets have been made to an amount of TSEK -1,113 (TSEK 17,155). This decrease in capital expenditure represents Sodra’s share of credits relating to the reconciliation of the Falklands Islands operating group, FOSA. Parent Company Shares in subsidiaries at 30 September 2000 amounted to TSEK 106,013 (TSEK 106,013) OPERATIONS Sodra holds an 87.5% interest in six exploration and production licenses covering an area known as Tranche F in Falkland Islands territorial waters. The remaining 12.5% interest in these licenses is held by Sodra’s joint venture partner Desire Petroleum plc, a company quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. Sodra is the operator of Tranche F which is held through Sodra’s Dutch subsidiary Sodra Petroleum BV. A study of the North Falkland Basin was carried out in 1999 by Robertson Research. The results of the study indicate that a source rock is present in the North Falkland Basin. In Tranche F, this source rock is generally not buried deep enough to have expelled any substantial quantities of hydrocarbons. The problem remains that no reservoir rocks are known to be present in the area around the deeper parts of the basin to trap this oil. The results of the Robertson Study were presented to the British Geological Survey (BGS) and the Falkland Island Government (FIG) in early 2000. Following these meetings, a proposal was made to FIG for the transfer of the remaining well commitment to 2000 kilometers of seismic acquisition on Tranche F and other areas. This proposal was accepted by FIG in the third quarter. Preparations are currently being made for the seismic acquisition programme which is planned to be completed before the end of the first quarter 2001. SHARE DATA AND OWNERSHIP The total number of shares in Sodra amount to 81,012,976 divided into two classes of shares, ordinary shares and convertible shares. There are 40,506,500 ordinary shares outstanding and 40,506,476 convertible shares outstanding. The convertible shares can be exchanged for shares in the parent company Lundin Oil AB (Lundin Oil) according to the ratio 12 convertible shares of Sodra for one new B share of Lundin Oil at the nominal price of SEK 0.50. The exchange may take place in November 2001. All ordinary shares are owned by Lundin Oil, corresponding to 50.01% of the share capital. Sodra’s second largest shareholder is its Chairman Adolf H. Lundin holding 10,214,834 convertible shares, corresponding to approximately12.6% of the share capital. BOARD OF DIRECTORS At the Annual General meeting all the directors were re-elected. Stockholm, 14 November 2000 Magnus Nordin Managing Director For further information, please contact: Magnus Nordin Tel: +41 22 319 6600 lundinoil.com

To: Oily1 who wrote (126)	11/25/2000 9:35:06 PM
From: Greywolf	Read Replies (1) \| Respond to of 133

Hydrocarbon Exploration : New Survey in North Falkland Basin IPC/Sodra Petroleum, operators of a production licence for Tranche F in the North Falkland Basin with partners Desire Petroleum, have awarded a contract to Veritas, a geophysical services company, to acquire 2000km of 2D seismic data in the North Falkland Basin. Veritas will deploy their vessel R/V New Venture which is currently surveying in Mauritanian waters off west Africa. The New Venture plans to start surveying in the North Falkland Basin in late December. The Falkland Islands Government welcomes investment that companies are making to acquire new infill data that will add to the geological understanding of the area. 209.211.254.29