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

To: virginijus poshkus who wrote (2353)	5/3/2001 6:13:12 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Sudan block 5B Exploration Contract.... Lundin with partners Petronas, Sudapet and OMV have signed an Exploration and Production Sharing Agreement (EPSA) for block 5B. The block is adjacent to 5A where Lundin recently made a significant discovery in Thar Jath. Block 5B is 20.119 km2 in which Petronas and Sudapet are operators. The partnership is divided as follows: Lundin Oil 24,5%, Petronas Carigali Overseas SDN BHD 41% , Sudapet Ltd 10% and OMV 24,5% ------------------------ Malaysia's Petronas Wins Sudan Exploration Contract KUALA LUMPUR, May 3 (Reuters) - Malaysian state oil company Petroliam Nasional Bhd said on Thursday it had won an exploration and production contract in Sudan as part of a group of companies. Petronas and its partners - Sudapet Ltd, IPC Sudan Ltd and OMV Aktiengesselshaft - were awarded a contract for Block 5B onshore by the government of Sudan, the Malaysian oil firm said in a statement. Petronas will hold a 41 percent stake in the block while IPC and OMV will each own 24.5 percent. Sudapet will hold the remaining 10 percent. "The contractor will reprocess all existing seismic data, acquire and process 1,000 line-km of new 2-D seismic data, as well as drill three wildcat wells," Petronas said. "The contractor's minimum financial commitment for the contract is $33 million." Petronas, which is involved in four other blocks in Sudan's oil-rich Muglad Basin, has been expanding its overseas operations to help reduce its dependence on Malaysia's oil and gas reserves.