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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Oily1 who wrote (938)5/25/2000 4:51:00 PM
From: Tomas   of 2742
 
The Falklands: Sodra 1st Quarter Results

Sodra holds an 87.5% interest in six exploration and production licences
covering an area known as Tranche F in Falkland territorial waters. The
remaining 12.5% interest in these licences is held by Sodra's partner Desire
Petroleum plc. Sodra is the operator of Tranche F which is held through the
Dutch subsidiary Sodra Petroleum BV.

A study of the North Falkland Basin was carried out in 1999 by Robertson
Research. The results of the study indicate that a source rock is present in
the North Falkland Basin. In Tranche F, this source rock is generally not
buried deep enough to have expelled any substantial quantities of
hydrocarbons. The problem remains that no reservoir rocks are known to be
present in the area around the deeper parts of the basin to trap this oil.

The results of the Robertson study were presented to the British Geological
Survey and the Falkland Island Government in March 2000. Sodra has one
commitment well outstanding which must be completed by October 2001 provided
a drillable prospect can be identified. A discussion is ongoing with the
Falkland Island Government with regards to Sodra's remaining obligations.
Sodra continues to evaluate the Falkland concession as well as other business
opportunities

Full report:
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