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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1178)7/7/1999 1:28:00 PM
From: Tomas  Read Replies (1) of 2742
 
Falkland Islands Offshore Oil Exploration And Onshore Geological Activities July/August 1999 Newsletter

Offshore Oil Exploration: Concluding Phase of Well Data Analysis

Analysis of the well data acquired last year when Amerada Hess, LASMO and
IPC (SODRA) drilled six wells in their licensed blocks in the North Falkland
Basin is reaching completion. A picture of the hydrocarbon potential for the area
is emerging and a review for the general public of the findings is planned for later
this year.

The third anniversary of the production licences is still some months away
(November) and is remarkable that six exploration wells drilled so early in the
programme considering the relative remoteness of the offshore acreage. The fast
track approach has provided the Falkland Islands Government with a vast
amount of information that might not have been realised if the industry had waited
some years before conducting a drilling phase.

Licences permit the search for petroleum over three exploration periods
comprising five, seven and ten years and include payments of annual acreage
rentals. At the end of each phase a percentage of each acreage is automatically
relinquished. An exploration phase may be started only after the approval by the
Governor of a development plan.

The Department of Mineral Resources maintains regular contact with licences
even when there is no activity offshore. Monthly reports on progress with work
programmes are submitted by all operators in addition to well data and
operational reports.

FIG Meet with Shell in Rijswick, Holland:

FIG together with a British Geological Survey (BGS) representative met with the
Shell team in their Rijswick offices in Holland at the end of May for a presentation
on the findings from their two wells and their operational activities. As with other
operators, Shell was very positive about using the Falklands as an exploration
base. Weather conditions offshore proved to be more benign than expected and
the services and support for the campaign demonstrated that the Islands are well
placed to cope with single string frontier drilling.

Future Exploration Activities:

While oil prices remain unstable and world supply outstrips demand, high risk
exploration areas such as the Falklands are unlikely to attract hard sought
exploration funds in oil company budgets at present. However, the growth of
activity offshore Brazil is considered a bonus for licence holders in the North
Falklands Basin. A number of major oil companies have been awarded licences
by the Brazilian Government and operators expect the activity of survey vessels
and rigs to increase in the South Atlantic in the next year or so.

FIG, meanwhile continues to encourage the oil industry to review Falklands Data,
establish joint ventures with licence holders and acquire new Data so to increase
the understanding of the hydrocarbon potential for the longer term.

sartma.com
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