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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Timelord who wrote (555)5/21/1998 10:54:00 AM
From: Tomas  Read Replies (1) of 2742
 
Developments "demonstrate the presence of hydrocarbons in the North Falklands Basin"!

Oil strike hints boost Desire
The Times, London, Thursday May 21. By Fraser Nelson

SHARES of Desire Petroleum jumped 46 per cent yesterday after the newly floated oil exploration company suggested it could be close to striking oil in the Falkland Islands. The shares, which joined the Alternative Investment Market at 125p four weeks ago, added 104 1/2 p to 305 1/2 p in frantic trading after it said that a neighbouring oil plant has spudded the first exploration well in the area.

Colin Phipps, chairman of Desire, said the well being drilled by Amerada Hess has so far seen encouraging results. He added that the developments "demonstrate the presence of hydrocarbons in the North Falklands Basin". However, he cautioned that it remains "far too early to predict whether or not hydrocarbons exist in commercially extractable quantities".

Shares in Westmount Energy, which owns 15 per cent of Desire, jumped 21 per cent to 190p. Matheson Investment has estimated that if Desire does strike oil, its shares could be worth œ42 apiece. Desire is now capitalised at œ125 million, against its œ55 million flotation price.

Sir Rex Hunt, former Governor of the Falkland Islands, is deputy chairman of the company. About 120 residents of the islands hold shares. Mr Phipps has said the islanders could become "the wealthiest people in the world" if either Desire or the other exploration companies succeed.
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