Lundin Oil (LOILY, LOILB Sweden) Message Board

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

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To: Timelord who wrote (613)	6/2/1998 4:48:00 AM
From: Tomas	Read Replies (1) of 2742

Desire takes wing on Falklands oil hopes Electronic Telegraph, June 2 by Sally Patten SHARES in Desire Petroleum continued their rollercoaster ride yesterday. The shares gained 50p to 290p after chairman Colin Phipps issued a buoyant statement on oil prospects in the Falkland Islands area. He said: "Although the potential of the Basin has been greatly enhanced by the discovery of oil shows, it does not follow that economic oil fields will exist. However, the hunt for these is now on and will, hopefully, be successful." He also said that exploration activity by all licensees had developed faster than expected. Mr Phipp's upbeat remarks were in sharp contrast to Amerada Hess's announcement last week that it was abandoning the first well in the region after failing to find oil in sufficient commercial quantities. Desire, set up to explore for oil and gas in the Falklands region, was floated on the Alternative Investment Market in April at 125p but by mid-May had reached 495p on speculation that Amerada had hit oil. The shares subsequently plummeted after Amerada plugged the well.

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