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Gold/Mining/Energy : Sodra Petroleum

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To: Greywolf who wrote ()	8/18/1998 6:51:00 PM
From: Greywolf	of 133

SHELL cool on find. A representative from Shell played down claims about the encounter of hydrocarbons in the well that the Borgny Dolphin oilrig is currently drilling for the Anglo-Dutch company, some 140 miles north of the Falklands/Malvinas. Speculation broke out when British newspapers reported that the oilrig "was spotted flaring gas", that could have meant that Shell had struck large deposits of gas, which usually indicate the presence of oil. Shell's Drilling Manager in Stanley Roger Bromley denied the gas report, but also added it was fair "to say that indications of hydrocarbons had been encountered", adding that this "should not get people too excited". Shell that operates in the area most likely to produce oil, should any exist, has presently reached 3.500 metres deep of the 4.500 it's planning to drill. "Shell has not given up hope of a substantial find and there are still objectives below", said Mr. Bromley. Drilling is expected to continue until the end of August but Shell anticipated it would not release final results for several months. The oilrig is currently operating in the third of the five wells planned in the first drilling stage.

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