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Gold/Mining/Energy : Sodra Petroleum

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To: Greywolf who wrote ()	1/21/2000 8:55:00 AM
From: Oily1	of 133

Falkland Islands Offshore Oil Exploration and Onshore Geological Activities January/February 2000 Newsletter Offshore Oil Exploration 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.

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