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

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To: Tomas who wrote (1356)	11/2/1999 7:06:00 AM
From: Tomas	Read Replies (1) of 2742

The Falklands: From the Aberdeen Press & Journal, Saturday 30th October Desire Petroleum Chairman Colin Phipps: ... "We are encouraged by the confirmation that significant oil has been generated in the North Falkland Basin." Desire, which had been exploring for oil off the Falklands, announced in August that it was merging with Gaelic, which had been searching for oil and gas off Portugal. That move followed a halt to the Falklands drilling after a sharp oil price drop, as Desire sought other opportunities. Since that announcement, Desire received the preliminary results of a technical study of the North Falklands Basin, which confirmed the richness of the oil source rock there. Also, the British Geological Survey said the source rock was one of the two richest in the world. The volume of crude oil was calculated to be in the range of five to fifteen billion barrels. "The company is currently studying where this oil may have accumulated with a view to identifying further drilling locations." Copied from Oily1 on the Desire Petroleum thread

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