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

To: balisurf who wrote (755)	10/6/1998 2:53:00 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

balisurf: Well said. "One of the most undervalued stocks right now", are you referring to Red Sea Oil or Lundin Oil or both? As to Malaysia, in June you wrote about a large US multinational interested in acquiring part of PM-3. That's what I heard too. Do you know what happened after that? Now I hear a large European multinational is close to a deal with Lundin, they intend to buy 1/2 of Lundins 41,44% interest in PM-3. Lundin Oil have recently officially confirmed their interest in selling a part of the Malaysian assets. They want to use the money in Libya instead, the potential in NC-177 is HUGE, 2.7 billion barrels of oil (unrisked). "I'm convinced we have at least 1 billion barrels" Alex Schneiter said. Alex is the geologist who found the En Naga North field, and recently the successful J1-85 well. By far the most important issue now is the signing of the gas contracts in Malaysia. Why are the Vietnamese dragging their feet, any insights?

To: balisurf who wrote (755)	10/6/1998 7:02:00 PM
From: ISPYOIL	Respond to of 2742

the key words are current cash flow, there is a very dramatic liquidity squeeze going on and those with the gold will make the rules for a while so valuations right now are way higher than reality take it from one of the few, maybe only observer that had Triton pegged at $20 at best when its management and wall street hotshots had it going for $40 to $60

To: balisurf who wrote (755)	11/9/1998 5:27:00 PM
From: Tomas	Respond to of 2742

Doubts over Vietnam gas desires Upstream, November 6 SWEDISH operator Lundin Oil could be supplying gas by pipeline to Vietnam within five years from the second phase development of its fields located in offshore block PM-3 in the Malaysia/Vietnam commercial arrangement area. Lundin is negotiating a gas sales contract with Malaysian state company Petronas and first deliveries from the Bunga Raya, Pakma, Kekwa, Seroja and Orkid fields are expected to begin in 2000. Vietnamese state oil company PetroVietnam could be receiving its initial flows a couple of years later, according to Lundin. Petronas will be taking volumes of 250 million cubic feet of gas for the first two years of a 10-year contract. However, once PetroVietnam is ready to receive gas (it is entitled to 50% of the output) it will notify the partners. PetroVietnam, whose E&P arm has a 12.5% stake in block PM-3, is understood to be near to conducting a feasibility study into an export pipeline to landfall in the south of the country. This work is expected to be carried out in collaboration with a Western company, possibly Enron of the US. "We have been talking to Enron regarding the gas that could be used at its Soc Trang power plant," an operator source said. Enron plans a $310 million build-operate-transfer power plant at Soc Trang in the Mekong Delta, Vietnam, and the gas pipeline from PM-3 could come ashore nearby. "We see an emerging gas market in this region," said the source. Some industry observers do not, however, share the partners enthusiasm for the project given the current economic and political climate in Malaysia. "Petronas is already committed to taking gas from Arco's joint development area project and also increased volumes from Esso's Malaysian fields," said one source. "It is difficult to see Malaysia being able to take any more volumes in the short term," he added. Arco is understood to have proposed that Malaysia reconfigures two coal-fired power plants into gas-burning facilities to help stimulate gas demand but the government is preocuppied with other Anwar Ibrahim, which has repercussions domestically and overseas. Some claim it is unlikely that Vietnam will be importing any gas from PM-3 in the foreseeable future. "Why would it consider exploiting these reserves ahead of the discoveries made by Fina and Unocal?" one consultant queried. "Also, the PM-3 reserves are about four times more distant than those in the Nam Con basin and no sales deal has been struck for these," he added. Partners in block PM-3 are Lundin with a 41.44% working interest, Petronas Carigali (46.06%) and PetroVietnam (12.5%). AMANDA BATTERSBY from Singapore

To: balisurf who wrote (755)	6/2/1999 10:57:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Malaysia: Bunga back in favour - Upstream, May 28 Lundin Oil is aiming to drill additional development wells on its Bunga Kekwa field in block PM-3 in the Malaysian/Vietnam Commercial Arrangement Area (CAA) in an attempt to maximise production and revenues before the second development phase is implemented, writes Amanda Battersby. The operator is also considering further incremental oil projects to boost phase-one output, which was averaging some 13 000 barrels per day at the end of the first quarter of 1999. Production is via a lightweight platform and a floating production, storage and offloading vessel. "What the partners will have to do is identify where they can produce liquids without having to produce or re-inject any gas output." A consultant source said. The planned second phase of the PM3 development was originally due to come onstream in December 2000. It was put on hold because of the oil price crash and the Asian economic crisis. However, Lundin is now in "close consultation" with partners Petronas Carigali and Petro Vietnam to agree a new time-table for the project. Phase-two production had been envisaged at an initial rate of at least 40.000 bpd and 250 million cubic feet per day of gas. The block's total proven and probable reserves stood at 380 million barrels of oil equivalents at the beginning of last year, and industry sources said conservative estimates now are above 500 million boe.