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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1860)10/3/2000 1:08:41 AM
From: Tomas  Read Replies (1) of 2742
 
The Falklands: Desire Petroleum, Chairman's Statement
September 22

Work on the detailed interpretation and integration of all data from the
North Falkland Basin has now been completed and a comprehensive farm-out
brochure has been prepared. Farm-out presentations to interested parties have
begun and will continue through the rest of the year. Interest in the Basin
has been revived following the publication by Shell Production and
Development Limited and the British Geological Survey of joint papers
demonstrating its prospectivity. In particular, they have reported that up to
sixty billion barrels of oil appear to have been generated and expelled from
the exceptionally-rich source rock encountered in the wells. The most recent
work by the Company has focussed on identifying where this oil may have
accumulated.

It is hoped that this work, together with the higher oil prices seen this
year, will result in suitable partners being found, leading to the
recommencement of drilling sometime in the next twelve months.

Together with Lundin Oil AB, the Company's partner in Tranche F, we will be
acquiring 2000 kms of new seismic over the North Falkland Basin in
satisfaction of our remaining commitments on Tranche F. This seismic will
further augment the comprehensive interpretation of the geology of the Basin.
____________________________________________________________________
Desire Web site:
www.desireplc.co.uk
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