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

To: Oily1 who wrote (693)	8/9/1998 8:49:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Papua New Guinea: 'Critical' time for gas Post Courier, Monday August 10 THE future of the gas pipeline between Papua New Guinea and Australia would depend greatly on decisions made over the next six weeks, Petroleum and Energy Minister Sir Rabbie Namaliu said from Brisbane yesterday. Keeping the projects momentum going was important until legal commitments were obtained from all parties involved, he said. ''I think the decisions to be made in the next six weeks by the Governments of PNG, Australia and Queensland, Chevron and partners, as well as base customers like Comalco are very critical to the success or failure of the gas pipeline project,'' Sir Rabbie said in a statement dated Friday but received last night. Speaking at a meeting of vested interests at the Sheraton hotel in Brisbane last Thursday, Sir Rabbie said although he had only been appointed Minister a week earlier, ''I assure you that I am totally committed to the success of the project, as the Prime Minister, Bill Skate, and the whole Government of PNG are, and we will do everything that is required of us to support the project''. He said progress had been made last week, especially with the signing of the tripartite memorandum of understanding and the ''very positive statements made in favor of the project'' by Mr Skate, Australian Prime Minister John Howard and Queensland Premier Peter Beattie. ''We should maintain the momentum gained this week until all the major decisions are made by all the appropriate parties,'' Sir Rabbie said. A visit to Gladstone last Wednesday had demonstrated to him the potential of market growth in the use of natural gas in that region, Sir Rabbie said. ''It would seem to me that once the initial hurdles of signing up of the base customers (are cleared) the number of customers will increase rapidly and steadily over the life of the gas pipeline project. ''In light of all the positive things that happened this week, I want to encourage the joint venture partners to maintain their commitment to the project,'' the Minister said. Sir Rabbie met with officials from Australian Gas Light in Brisbane last Thursday and was briefed on the plans by the AGL-Petronas consortium to build the pipeline. ''I am now better informed of the construction plans by AGL-Petronas to build the pipeline. I am confident that the company can build the pipeline within the set timeframe,'' he said. ''However any delays in the project can affect the plans of AGL-Petronas, especially in terms of orders for steel pipes outside of Australia. ''AGL has had very good reputation amongst the traditional communities through their laying of thousands of pipelines in Australia and I am sure their work on the PNG side of the border will also be well supported. ''On the other hand Petronas has extensive experience in the laying of sub-marine pipelines which would be vital for the sub-marine section of the PNG-Queensland gas pipeline.'' 203.22.79.35

To: Oily1 who wrote (693)	8/10/1998 9:58:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

The Falklands Oil Exploration The Times, Tuesday August 11 Trade in Desire Petroleum is heading up again. The oil exploration company, whose sole assets are two gasfields off the Falkland Islands, is due a progress update. Internet reports say that gas flares have been seen off the oil tranche in which Desire has a 25 per cent stake. If gas is found, Matheson Investments estimates, Desire's shares will be worth œ17.08 apiece. If nothing is found, the shares will be worth nothing. They were up 8 1/2 p to 178 1/2 p yesterday. My comments: The Times is incredible, they always gets it wrong. 1. Of course Desire does not have "two gasfields off the Falklands". 2. Gas flares have been seen IN SHELL's tranche. Shell, not Desire, is drilling... 3. They are not exploring for gas... _________________________________________ Financial Times, Tuesday August 11 Falkland Islands oil explorers found support after internet speculation that Shell had found gas near the islands. Desire rose 8« to 178«p, Westmount was up 10 at 100p and Greenwich gained a penny to 22¬p. Analysts said it was too early for a Shell find. My comment: Why is it too early for a Shell find? They have been drilling for 5 weeks now. Of course it is possible to encounter gas and oil at a depth of 2000-3000 meters. They reached 2000 meters at least two weeks ago.