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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Oily1 who wrote (1387)1/20/2000 9:30:00 AM
From: Tomas  Read Replies (2) of 2742
 
Falkland Islands Offshore Oil Exploration January/February 2000 Newsletter
Department Of Mineral Resources

Independent reports compiled for oil companies completed in late 1999 have
confirmed earlier assessments that a very rich source rock is present in the North
Falkland Basin. Reports suggest that the source rock could have generated
billions of barrels of oil.

The long term potential for the area to be an oil bearing province looks
encouraging. Further exploration is expected to take place over the next few
years to try to establish the presence of hydrocarbons in commercial quantities.
Licence holders will be actively looking for new partners this year to support the
next exploration phase. Companies may decide that more seismic information is
needed before considering drilling additional wells.

The Falkland Islands Government (FIG) is on track to introduce a new "out of
round" licensing policy this year. Details are expected to be available to
companies by the second quarter of the year.

FIG will be exhibiting results from the first exploration drilling phase in the North
Falkland Basin at the meeting of the American Association of Petroleum
Geologists (AAPG) in New Orleans in April. Outline details on new licensing
initiatives will be available at the convention for companies interested in the
region.

Revenue from taxation during the exploration drilling programme made a
considerable contribution to FIG income in 1999. œ1.2 million can be attributed
to offshore oil industry activity while indirect tax from local businesses is not
included in the figure.

sartma.com
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