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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Timelord who wrote (592)5/27/1998 10:40:00 PM
From: Tomas   of 2742
 
Falklands oil boom may be over before it begins

The Times, Thursday May 28, by Fraser Nelson
The Falkland Islands oil boom could well have ended before it has a chance to begin after Amerada Hess, the US group, said it has given up hope of striking oil after four weeks of drilling. Amerada - the first company to drill in the Falklands - said last night that the traces of hydrocarbons that it found "were not present in commercial quantities". It now intends to plug and abandon the site, and let Shell use the oil rig that is being shared by all 14 companies who have stakes in the Falklands waters.

All six British companies with a stake in the Falklands development intend to keep drilling. A report by Matheson Investment suggested that œ18 billion of oil could lie off the Falklands. It valued Amerada's abandoned plot at œ1.79 billion. Shares of Desire Petroleum, whose sole asset is a stake in two plots of sea carved up by the Falklands Government, are expected to be hit today.
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The Times Market Report:
Desire Petroleum's recent spectacular run came to an abrupt halt with the price retreating 67 1/2 p to 377 1/2 p. The setback follows claims that the discovery made by neighbour Amerada Hess in the Falkland Islands was not commercially viable. The Desire price has come up from 175 1/2 p in the past couple of weeks with some brokers claiming its own prospects in the area could be worth more than œ40 a share.
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