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

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To: Oily1 who wrote (838)	11/3/1999 10:57:00 AM
From: Tomas	Read Replies (2) of 2742

The Falklands: Desire has received the preliminary results of a technical study of the North Falkland Basin, performed by Robertson Research International Limited, which has confirmed the richness of the oil source rock encountered by all of the wells drilled in the Basin to date. In addition, the British Geological Survey, consultant to the Falkland Island Government, has announced that the source rock is one of the two richest in the world. The volume of crude oil generated and expelled by the source rock is calculated to be in the range of 5 to 15 billion barrels. The Company is currently studying where this oil may have accumulated with a view to identifying further drilling locations. When this work has been completed it will be incorporated in farm-out brochures for Tranches C, D, I and L, on the basis of which it is hoped to enter into discussions with interested parties early in the new year. Desire has now taken over the operatorship of Tranches C and D and has acquired a 100% interest in both of these tranches as a result of the assignment by its former partners of their interests. From Chairman's Statement, Desire Petroleum PLC - Interim Results, October 29 Dr. Colin Phipps

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