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

To: Timelord who wrote (1068)	5/4/1999 10:33:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

7 of 8 wildcat wells successful in Sudan! From Talisman's Q1 report today Talisman owns a 25% interest in the Greater Nile Oil Project, located 450 miles southwest of Khartoum, the capital of Sudan. The project is comprised of three exploration and two development blocks covering 12 million acres, as well as an oil pipeline and terminal. Oil exports are expected to commence before the end of the third quarter. Talisman's share of production from Sudan is expected to average 8,000 bbls/d in 1999 (annualised rate), increasing to at least 37,500 bbls/d in 2000. Oil from the concession area will be transported 935 miles via a 28-inch pipeline to Port Sudan on the Red Sea. Pipeline construction and pressure testing are complete and the construction of pump stations is approximately 50% complete. Civil works are finished at the marine terminal. Two of five storage tanks are complete, with the remainder well into construction. The CALM buoy for oil loading, is also under construction with delivery expected in June. Initial production will come from six oil fields (Unity, Heglig, El Toor, El Nar, El Harr and Toma South). A total of 99 wells needed to produce initial rates of 150,000 bbls/d have been drilled and 68 have been completed with pumps. Two service rigs are working to complete the remaining wells. Work on field batteries, well tie ins and the upstream process plant is also well advanced. The exploration program has been very successful, with 16 of 17 exploration and appraisal wells encountering hydrocarbons. This includes seven of eight wildcat wells. Testing of these exploration wells has been limited while priority is being given to completion of existing development wells. biz.yahoo.com