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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Oily1 who wrote (938)4/13/2000 8:42:00 PM
From: Tomas  Read Replies (1) of 2742
 
Falklands Set To Open Extra Oil Acreage - Lloyds List, April 8

In an attempt to encourage the oil industry to continue exploring in the Falklands, the islands' government plans to press ahead with plans to make additional acreage available through out of round licensing said Phyllis Rendell, director of mineral resources. This is despite the risk of upsetting the new Argentine government.

Minor adjustments to the regulations that are part of the islands' legislation are being considered to simplify licence awards, she said. Areas of interest are expected to be for acreage not licensed at the time of the competitive licensing round in 1996.

Although none of the six wells drilled in 1998 found commercially viable quantities of oil, Ms Rendell remains optimistic for the islands' hydrocarbon prospects. On reports that Argentina's government believes the plans contravene the 1995 agreement with the UK, she said: 'The Falkland Islands government continues a policy of no surprises with the Argentines.'
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