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

To: Arktic who wrote (744)	9/18/1998 1:17:00 PM
From: Greywolf	Respond to of 2742

Oil & Gas International Sector LUNDIN OIL AB: Sodra's FIRST FALKLANDS WILDCAT STARTED 9-14-98 (LOI $4.35, (-0.55), TSE) RED SEA OIL'S J-185 Libyan Reentry Tested 1,000 B/D Recommendation: BUY Paul Hayes (416) 864-3670 12-Month Target: C$14.00 phayes@yorkton.com Shares Outstanding: 81 million Shares Fully Diluted: 81 million Volume: 7,978 12-month High-Low: $9.00-$5.35 Market Cap C$352.4 million Recommendation We reiterate our Buy rating for Lundin Oil and our 12-month target of C$14.00. Monday, Sept. 14,1998, Lundin commenced drilling the Falklands wildcat. Furthermore, Red Sea Oil (Lundin's 60% owned subsidiary) said that the J1-85 in Libya has been re-entered and the initial test exceeded 1,000 B/D. Finally, intermediate casing was set on the Bunga Kekwa A5. Update North Falkland Islands Graben-Sodra Petroleum AB (Stockholm S E/London-AIM) This well will be started today Sept. 14, 1998. Last week Sodra farmed-out a 12.5% working interest in Tranche F to Desire Petroleum Plc. The Borgany Dalphin offshore drilling rig was moved to the location on Block 14/24 to drill the first well, 14/24-A. This well will be drilled on the Braela prospect to a depth of 3,750 meters and take about one month. This will be the fourth exploratory well in the North Falklands basin. The first three were dry and abandoned. Libya-Red Sea Oil (RSO-Alberta SE) The J-185 well across the fault from the En Naga discovery was re-entered last week. After a light acid job, it tested 1,000 B/D through a «" choke. It was shut in for a pressure build-up test and is now being acid treated. This means a likely revision to reserves, as this feature is almost as big as the original discovery. Lundin Oil owns in excess of 60% of RSO and the remaining 40% interest in the block. Bunga Kekwa A5 The well is being drilled from the same platform that supports the three producing wells on the Kekwa Field, and will be completed late September. Target depth is 7,700 feet. Once completed, the well will be brought on stream immediately. Oil production (now 15,000B/D) is currently processed and stored on board a FPSO. Lundin has a 41.44 percent working interest and is the operator of Block PM-3. Conclusion A successful wildcat in the Falklands would establish Lundin as the premiere small cap international exploration company and further increases its reserves and production in 1999. The Company already is efficiently positioning itself to fully exploit its increasing reserve base in Malaysia and Libya.

To: Arktic who wrote (744)	9/28/1998 6:34:00 PM
From: Tomas	Read Replies (4) \| Respond to of 2742

The Falklands: Did Shell have a major oil find?? From Hemmington Scott Information Exchange, Monday evening ... I have it on good authority from TWO very reliable sources, (one a senior Shell employee), that Shell have had a major oil find off the Falklands; they just aren't committing themselves to saying this. Why?, either it's political (Argentinian), or because they want to purchase a larger acreage at the same price they bought Tranche B, once they have a better idea of the reservoir, which they are supposed to have discovered. Apparently they were the same in the North Sea - they wait until the time suits them. Believe what you want. If it is true, remember where you saw it. NOBBY hemscott.com