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

To: Tomas who wrote (1036)	4/23/1999 8:19:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Daily Telegraph: Woodside's PNG pipe dream. A massive shot of confidence April 23, 12.45pm (AEST) THE PNG-to-Queensland gas pipeline has been given a massive shot of confidence after Woodside Petroleum yesterday gambled $118 million on the project proceeding by taking a 12 per cent placement in Oil Search, a leading gas supplier to the scheme. The deal means that two of Australia's biggest petroleum companies have thrown about $258 million behind the plan after Santos recently bought a 25 per cent stake in the Hides gas field, a critical source for the pipeline, for up to $US90 million ($140 million). The Woodside placement was for 56.4 million Oil Search shares at $2.10, an 18c premium to yesterday's close. The deal will need shareholder approval at the company's annual meeting. Under yesterday's deal, Woodside will get an Oil Search board seat but won't have any control. It does, give Woodside a base for a future merger or takeover, expensive options with Oil Search valued above $1 billion. theaustralian.com.au