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

To: Tomas who wrote (2699)	8/9/2001 8:49:48 PM
From: Tomas	Respond to of 2742

Somaliland: Target for Chinese - Upstream, August 10 By Barry Morgan Hargeysa target for Chinese A Chinese-led consortium angling to commence exploration in the breakaway, as yet unrecognised Republic of Somaliland has publicised plans to sink seven deep onshore wells in some of the territory's less secure areas. The Great Wall Chinese Oil Company told the American Society of Petroleum Engineers it would bring supplies in through the port of Berbera, and drill sites using maps and data originally acquired by Conoco. Spurred by officially-voiced doubts over its sincerity, the Chinese outfit said it would mobilise soon from sites in southern Sudan once it had completed its projects there but stopped short of giving a timetable. Reports indicate the group is prepared to deploy 40 specialised personnel together with logistics to Somaliland for a programme slated to drill in Sahil Sail, Sanag Sail, Tahil, Gabiley and Borama where tests were done by Conoco in the early 1980s. Several high-ranking officials in the Somaliland government doubted whether the three-partner consortium - which includes US and UK investors - would commence work this month, as agreed with Hargeysa's Minister of Mineral Resources Mohamoud Abdi Farah earlier this year. Senior UN officials in Hargeysa said that UK mining interest Rovagold's chief executive Andy Chakravarty initially visited the country to tie up an accord but the government indicated it would prefer to deal with his principals in Beijing. China then reluctantly sent its research and development specialist on two separate missions to shore up the deal. Rovagold has focused on block 35. Conoco holds prized blocks in the consortium's frame of reference - 29, 28, 27 and 31. Energy officials close to the presidency insist Somaliland may have constructively assumed force majeure on these blocks but has not formally taken them back, leaving the Chinese agreement in legal limbo. Chinese interests are also active in the breakaway territory of Puntland, close to Somaliland.

To: Tomas who wrote (2699)	8/9/2001 8:54:46 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

US Sudan oil bill runs counter to "free market" principles WASHINGTON, August 8 (AFP) - The State Department on Wednesday criticized a proposed law that seeks to bar firms which do business in Sudan from US capital markets as contrary to American free market principles. The Bush administration has made no secret of its aversion to elements of the Sudan Peace Act, passed by the House of Representatives with a crushing majority in June. Seeking to choke the flow of oil company cash to an Islamic regime accused of gross human rights abuses, the House bill would stop firms from listing on US markets, unless they publicly disclose their activities in Sudan. Another version of the bill has passed the Senate, but minus the capital market clauses. The two chambers must meet after a summer recess to thrash out a joint bill to send for President George W. Bush's signature. Although Bush administration officials support the broad goals of the Sudan Peace Act, they are opposed to establishing a precedent for the use of capital market sanctions. "We believe that prohibiting access to capital markets in the United States would run counter to global, United States support for open markets," said State Department spokesman Richard Boucher. He said such a move would "undermine our financial market competitiveness and could end up impeding the free flow of capital worldwide."