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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Timelord who wrote (572)	5/26/1998 8:50:00 AM
From: Tomas	Read Replies (1) of 2742

Falklands-Malvinas News, May 25 (Mercopress News Agency) "Minor Hydrocarbons" Strike STANLEY - The giant United States oil company Amerada Hess confirmed on Tuesday May 19th. mid day London, the presence of "minor hydrocarbons" while drilling a pilot well 120 miles off the north of the Falklands/Malvinas. Laura Matthews, Communications adviser for the company said that: "our geologists have confirmed that they have encountered some minor hydrocarbons". She added that initially chances of finding hydrocarbons on the first drill have been rated at 1 in 15, so it was most encouraging to find signs of hydrocarbons in the first well. Amerada Hess will continue to drill for a further 10/14 days and expect to know after that time, the full extent of the volume of oil that may be extracted. But in spite of the caution expressed by the company ("far too early to say if there are any quantities of oil"), and Governor Richard Ralph's suggestion that "islanders should not build their hopes too high yet", it was a night of celebration in Stanley's pubs and for the shareholders of Desire Petroleum. The first exploratory well in Falklands/Malvinas waters was spudded on the evening of Monday April 27th. The "strike" took place in the region of 2.000 metres depth. mercopress.com _________________________________________________________ DESIRE PETROLEUM CELEBRATES LONDON - Amerada Hess announcement of a "minor hydrocarbon" strike in the South Atlantic had an immediate impact in the London Exchange where shares of Desire Petroleum rocketed 170 pence on Tuesday 19th. to well over 300 pence three days later. The company has more than 150 shareholders in the islands and the chairman Dr. Colin Phipps advised islanders to resist the temptation to sell and wait for further exploration. "Chances that there will be oil fields in the Falklands Northern basin are very high and a lot of drilling will take place in the next year or two", said Dr. Phipps who added: "islanders had every right to be excited as it could prove to be a most historic day". Some London newspapers reported enthusiastically and the Daily Mail headlined "Falklanders to get œ 5 million each in oil bonanza", claiming the existence of "huge deposits". On the other extreme, a more sober The Times did not even report the discovery until the following day. Among members of the Board of Desire is former Governor Sir Rex Hunt and the representative in the islands is Lewis Clifton. mercopress.com _______________________________________________________ All articles in Falklands-Malvinas News (May 25) on one page: mercopress.com

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