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

To: Tomas who wrote (1913)	11/19/2000 11:55:16 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Khanty Mansiysk Oil Corporation, KMOC, is a Delaware registered company. Khanty Mansiysk is a Siberian town in the heart of a region rich with oil reserves. Several western interests own stakes in KMOC including UK-based Enterprise Oil plc. It paid dollars 26 million for a 10 per cent stake last year, with an option to buy more. A Swedish oil company, Lundin Oil, also owns a substantial stake. [My note: Lundin Oil owns a 14.88% stake]. The Russian/US firm is producing oil. In an interim report in October Enterprise Oil noted: 'KMOC has completed 22 wells out of its 40 well drilling programme for 2000, with a further six wells in progress. KMOC's net daily production currently stands at around 11,500 bopd, an 85 per cent increase on its production at the end of 1999.' There have been glowing reports about KMOC in the Western and oil press since 1997 but speculation that it might be floated on the US stock market has not yet proved correct. From Irish Times; Nov 18

To: Tomas who wrote (1913)	11/28/2000 10:13:35 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Tax changes should boost the prospects of getting the PNG to Queensland gas pipeline project off the ground Papua New Guinea Trims Tax on Mining and Oil Firms PORT MORESBY, Nov 28 (Reuters) - The Papua New Guinea government introduced major taxation changes for petroleum and mining companies on Tuesday which it said were aimed at encouraging a US$3 billion PNG to Australia natural gas project and further mineral exploration. Prime Minister Sir Mekere Morauta said the tax changes should boost the prospects of getting the ambitious PNG to Queensland gas pipeline project off the ground. "In effect these changes should assist the development of the PNG gas to Queensland project which is now expected to front end engineering and design by the end of the year," Morauta told parliament in his 2001 budget speech. "The changes should also encourage new mining and petroleum exploration and development." The new tax regime which applies only when the projects are underway includes guaranteed fiscal stability for the financing period of a project, the lowering of corporate tax rates to 30 percent from 35 percent for big projects and the reduction of dividend holding tax to 10 percent from 17 percent. Changes also allow 25 percent of exploration expenditure to be deducted against total income, regardless of where the exploration is in PNG. But companies will be required to pay an additional profits tax when accumulated profits exceed a 15 percent rate of return. Foreign miners and explorers have abandoned the impoverished South Pacific nation in the last decade, with exploration dropping sharply to about $17 million this year from $83 million in 1990. But resource-rich Papua New Guinea has traditionally derived a large proportion of foreign income from the mining and petroleum sectors, with about a quarter of total gross domestic product pegged to the sector. "The government review of the mining taxation regime found that overall it was most uncompetitive," PNG chamber of mines and petroleum executive officer Greg Anderson said. "It is what we have needed to catch up, to make us internationally competitive again." The Chevron Corp -led project to transport gas 3,000 km from the jungle highlands of PNG under the Coral Sea to the east coast of Australia is stalled, awaiting signed contracts. The pipeline project needs to convert some of its memorandum of understanding letters into definitive contracts before the project can proceed. "It needs someone, somewhere to commit to gas and it needs to have them signed before Christmas to meet their timetable of 2004," Wilson HTM petroleum analyst Andrew Williams told Reuters.