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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (610)6/1/1998 9:26:00 AM
From: Tomas  Read Replies (1) of 2742
 
The Falklands. Desire Petroleum : Exploration report
June 1

During the past twelve months exploration activity by all licencees has developed faster than anticipated at the time of the licence awards. The first well, for the Amerada Hess Consortium, spudded on 27 April 1998. The Lasmo Consortium will drill the second well.

The Amerada Hess well 14/9-1 has encountered oil shows which have demonstrated the presence of hydrocarbons in the North Falklands Basin. In Tranches C and D (Lasmo Operator; Desire 25% interest), final processing and interpretation of the 1996-97 and earlier seismic work was completed. As a result, at least four major and three smaller structures have been identified.

The Lasmo Consortium has completed three sea-floor site surveys and plans one more. Two of those completed are located along the Orca structure and one on the Minke structure. Exploration in Tranches I and L (Desire 100%) has not reached such an advanced stage as in C and D but we expect good progress to be made later this year. No seismic vessel was available during the southern summer 1997-8 and this meant some slippage of our planned work programme.

However, we now expect that a vessel will be available later this year and the intention is to shoot all the commitment seismic over both I and L, amounting to 1300 kilometres of line, and acquire both gravity and magnetic data along these lines. A full interpretation of existing data on I and L has been completed and more than 20 smaller structures have been identified. Many should be confirmed as drillable structures.

By the end of 1998 exploration of the North Falklands Basin will have taken a huge step forward.

Well 14/13-1 will be drilled in Tranche "C", approximately 200 kilometres north of the Falkland Islands. The well will test the Minke prospect: a structural high with dip and fault controlled closure at a number of geologically distinct horizons. The well cost is estimated to be œ8.9m dry hole, i.e. untested. Testing, if required, is predicted to cost a further œ2.0m. The well will be abandoned if dry or suspended for further evaluation or use as a potential production well if hydrocarbons are found.

Board: Dr Ian Duncan has agreed to join the board as a non-executive director.
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