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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tommaso who wrote (341)10/21/1997 4:39:00 PM
From: Tomas  Read Replies (1) of 2742
 
The Globe and Mail reports in a Reuters dispatch in its Tuesday edition that a big oil reserve may lie off the Falkland Islands. New seismic studies have indicated that large quantities of oil may lie off the disputed Falkland Islands in the southern Atlantic, according to geologists. Surveys carried out recently by the four companies with licenses to begin exploration drilling next spring have raised optimism that commercially recoverable quantities of oil will be discovered.

International Petroleum of Vancouver has joined with Anglo-Dutch company Royal Dutch/Shell Group, Britain's Lasmo PLC and Amerada Hess of New York in the Falklands to share the costs of exploration drilling. Hess will drill the first well to the north of the islands. Andy Morrison, operations manager for Hess on the Falkland Islands, says that from the seismic data obtained, he has seen some very exciting structures.
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