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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tommaso who wrote (529)	5/19/1998 4:50:00 PM
From: Tomas	Read Replies (2) of 2742

The Falklands: Initial oil and gas shows from the well were encouraging!! Desire Petroleum plays down well hopes LONDON, May 19 (Reuters) - British oil company Desire Petroleum Plc (quote from Yahoo! UK & Ireland: DES.L) on Tuesday played down hopes surrounding one of its exploration wells in the North Falklands basin that had helped send its shares surging 23.21 percent to 215p in late trade. The company said in a statement that it had noted the significant movement in its share price, which it put down to ''market rumours'' surrounding the exploration well being drilled by Amerada Hess in Tranche A immediately north of Desire's acreage in Tranche C. Although Desire Petroleum said it believed initial oil and gas shows from the well were encouraging and demonstrated the presence of hydrocarbons, it emphasised the need for caution. ''Until Amerada Hess had completed their drilling programme it is far too early to predict whether or not hydrocarbons exist in commercially extractable quantities in this area of the North Falklands Basin,'' the company stated. When Amerada Hess announces the results of the exploration well, Desire Petroleum said it would make another statement.

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