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

To: Timelord who wrote (422)	12/23/1997 10:18:00 AM
From: michael korizno	Read Replies (1) \| Respond to of 2742

Alex-- If someone buys the stock today what happens to the offer? If approved is it an automatic conversion. THANKS

To: Timelord who wrote (422)	12/23/1997 12:24:00 PM
From: Tomas	Respond to of 2742

Sands acquired the Sedgwick Field from Texaco recently, Sands' North Sea production increases from 8000 TO 10,000 bpd, retroactively from July 1. Since they bought the North Sea assets two years ago Sands has produced 7 million barrels, but the reserves are today estimated to be 3 million barrels HIGHER. It's not due to aggressive drilling, I think, it's just that they have much more oil than originally estimated (and paid for!). New technology has also made it possible to recover more oil than just a few years ago. In case of the Nelson field, Sands' net share is subject to re-determination in Q1 next year, just a couple of months from now, not in 1999 as previously stated. Sands' share will increase by around 50%, this is due to the fact that the original re-determination tended to misrepresent the edges of the Nelson field in favour of the central parts. And best of all, any adjustment would apply retroactively (from 1995). There's a lot of money in the pot, I'd guess US$25-30 million extra to Sands (Lundin Oil).