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

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To: Tomas who wrote (1372)	11/2/1999 7:00:00 PM
From: Tomas	Read Replies (1) of 2742

Falkland Islands Offshore Oil Exploration and Onshore Geological Activities November/December 1999 Newsletter A news update from the Department of Mineral Resources Dr Phil Richards, the Government?s Consultant from BGS on offshore hydrocarbon exploration, visited the Falklands in early October. He briefed Falkland Islands Government officials on the most recent analysis from the data retrieved from the wells drilled in the North Falkland Basin last year and gave a public presentation in Stanley (broadcast live on the local radio station) and at Port Howard on West Falklands. Phil was able to explain to the public that although the six wells drilled north of the Islands were classified as "dry", live oil was returned to the surface from one well and quantities of gas were found in another. Geochemical analysis of the data from the wells indicates that the North Falkland Basin has rich organic source rock present. Some of the source rock is not mature but the lower sections of the rock are considered to be capable of generating oil. Oil companies calculate that to make an oilfield viable in the waters around the Falklands a discovery of 200 million barrels of recoverable oil is required. The most conservative calculation from British Geological Survey suggests that the source rock in the North Falkland Basin could have generated one billion barrels of oil. The best potential modelled at present for the Basin is a generation of up to 11 billion barrels of oil. Oil companies have also done their calculations and their figures differ widely. Some lower, some higher! Further exploration activity is now needed to trace where the hydrocarbons may have migrated to. FIG Marketing Activities The Falkland Islands Government had a stand at the Association of American Petroleum Geologists meeting in Birmingham in September. This was the first opportunity to be able to publicise the source rock potential in the North Falkland Basin following analysis of data from the exploration wells. The industry was also informed about FIG?s plans to introduce open-door licensing in 2000. Details will be made available as terms and conditions are finalised. British Geological Survey will represent the Government at a meeting of the Society of Exploration Geologists (SEG) in Houston in early November. Company Activities Production Licence holders will conclude the third year of their licence in November. Much has been achieved in this short time and there are still two years left of the first phase of the licence. A number of the operators are carrying out their own geological reviews of the North Falkland Basin in order to piece together the geological evolution of this lasustrine basin and its potential for retaining oil reserves. Although there may not appear to be much activity in the Falklands at present specialists are continuing to work on the wealth of data available to the operators. Now that a rich source rock has been identified in the North Falkland Basin there is expected to be renewed interest in the area. Companies holding licences will be considering new work programmes in the next few years and some will be seeking new partners to support future exploration. ... PMR Director of Mineral Resources 27 October 1999 falklands.gov.fk

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