Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Timelord who wrote (548)	5/1/1998 10:17:00 AM
From: Tomas	Respond to of 2742

Falklands: How significant is this? "Geologists believe that occasional oil slicks in the remote area may point to natural oil seepages from the seabed." (quote Financial Times, Wednesday). This is exactly what Adolf Lundin told the shareholders at Sands' extraordinary general meeting in March. He was bullish about these oil seepages! But there has been a lot of hush-hush, some geologists confirming the existance of the oil slicks (at least off the record), and some denying it (at least officially). Lundin said it's 100% sure the oil was generated in the area! Comments anyone?

To: Timelord who wrote (548)	5/4/1998 3:52:00 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

The Papua New Guinea-Australia pipeline: Phase Two of the engineering work, concentrating on pipeline and facilities construction, was completed last month. Gas pipeline consortium to be set up soon By CLETUS NGAFFKIN PORT MORESBY, May 5: Selection of the consortium for the proposed Papua New Guinea-Queensland gas pipeline is planned for this month. Oil Search Ltd reported to the Australian Stock Exchange on last Thursday that preparations towards selection of the pipeline consortium was continuing with a "term sheet" being issued for updated bids from the short-listed consortia. Discussions were going on with regulators, and government bids were subsequently received from AGL-Petronas and Nova-Williams consortia. Oil Search has a 20 per cent interest in the export pipeline, pending selection of a pipeline consortium under the competitive tender process. The PNG gas project activities were restructured effective from Jan 1, 1998 resulting in Oil Search having an 11.45 per cent interest in all portions of the project. Oil Search managing director Peter Botten said that discussions with major customers continued throughout the March quarter, and the project sponsors developed preliminary documentation for a producer-owned gas aggregator to coordinate and consummate its marketing efforts with foundation customers. He said the project received inquiries from non-Chevron operated joint ventures seeking information about the project and expressing interest in participation as foundation gas suppliers. Mr Botten said one of the inquiries came from Oil Search, in its role as operator of Petroleum Prospecting Licence 188 in the Papuan Gulf. The draft (Australian) EIS for the project was issued on schedule during the quarter, initiating the public comment period as of March 9, 1998. Work on the environmental plan and SEIS studies (PNG) are running concurrently. Discussions with various senior PNG, Australian, and Queensland government officials are continuing. The National Government released a statement of support in principle for the project in February this year. It also released a green paper for industry comment regarding policy initiatives for pipelines in PNG. Mr Botten said that this was a continuation of the consultative approach which yielded a world class gas policy regime for PNG late in 1995. He said Australian and Queensland governments continued to display enthusiasm for the project and to assist progress wherever possible. Mr Botten said technical work continued principally in the areas of coastal processing facility configuration, planning for applications and permits and contingency delivery options as part of an overall risk mitigation strategy. He said that this included preliminary investigation regarding the possibility of a staged development to Townsville initially, followed by Gladstone as appropriate customer perspectives crystallised. Mr Botten said Phase Two of the engineering work, concentrating on pipeline and facilities construction, was completed last month. He said it was anticipated that the majority of these activities would be undertaken by the pipeline consortium after appointment this month. Mr Botten added that Oil Search continued to support the PNG gas project and was working actively to encourage progress. He said the company expected significant progress on all fronts in the coming quarter. wr.com.au