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

To: Tomas who wrote (2472)	6/1/2001 8:22:11 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

PNG gas pipeline - Upstream, June 1 Woodside contract trumps PNG Gas By Amanda Battersby Woodside Petroleum and its partners in the Timor Sea Sunrise gas scheme have stolen a march on the rival Papua New Guinea Gas Project by signing an exclusive letter of intent outlining key commercial terms to deliver gas to QNI's Yabulu nickel and cobalt refinery at Townsville, Queensland. However, a PNG Gas Project spokesman was quick to contrast this letter with the Queensland government's initiative for a competitive tender to supply gas to a power station at the same location. He said the Sunrise agreement would not stop PNG from pushing ahead with its endeavours to supply gas to the Townsville power plant. The letter proposes supplying gas for a 20-year term from the Woodside-operated Sunrise gas project to QNI's refinery. Initial volumes of 12.5 petajoules per annum would be increased to 19 petajoules within the first two years. "The gas would be used for power generation and process feedstock, providing QNI with a long-term secure and clean energy source capable of supporting future expansion at the refinery," said the Australian oil company. Meanwhile, the PNG Gas Project argued it can still secure deals to supply gas to Queensland that will enable the grassroots pipeline project to see the light of day. "We believe that we can provide a highly competitive product and we will be actively competing for the contract to supply gas to the Townsville power station," said secretariat co-coordinator Doug Schwebel. The letter is conditional on receiving the necessary regulatory approvals, obtaining gas purchase commitments from other potential gas customers and concluding pipeline arrangements to transport gas from the Timor Sea to Townsville.

To: Tomas who wrote (2472)	6/1/2001 10:06:45 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Lundin Oil strikes oil 3 km from Sudan discovery Oil & Gas Journal, June 1 HOUSTON, May 31 -- Lundin Oil AB, Vancouver, said Thursday a Sudan appraisal drilled 3.1 km from the Thar Jath-1 discovery established 100 m of net pay. Lundin Sudan Ltd., a Swedish oil company, is operator with a 40.4% interest in Block 5A. Petronas Carigali Sdn. Bhd. has 28.5%, OMV (Sudan) Exploration GmBh has 26.1%, and Sudapet has 5%. The appraisal well flowed 2,000 b/d from separate tests in the Bentiu and the Aradeiba sands. The Thar Jath-1 had flowed 4,260 b/d. Lundin Oil Pres. Ian Lundin said appraisal well results and 3D seismic data would provide information the company would use for a development plan.