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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Timelord who wrote (644)7/21/1998 9:25:00 PM
From: Tomas  Read Replies (2) of 2742
 
The Falklands: Rumours that Shell has been successful gained pace
Electronic Telegraph, Wednesday. By Jan Eakin

The Market: Tiddlers strike lucky on Shell's back
Investors' hopes of striking gold as oil explorers strive to strike oil in the Falklands were given another boost yesterday, as rumours that Shell has been successful gained pace.
While Shell - too big for the speculation to make an impact on its share price - fell 7.5 to 416p, the tiddlers drilling in the region enjoyed strong rallies for the second consecutive day. Westmount Energy gained 8pc to 122.5p, Greenwich Resources jumped 10pc to 25p and Desire Petroleum strengthened 11pc to 210.5p. Such speculation has surrounded the Falklands for several months now.

However, the latest twist in the saga concerns Sodra Petroleum, a Swedish-based operation introduced to the Aim market last Friday. The convertible shares closed unchanged at 65.5p.
Stockbroker Greig Middleton, which brought Sodra to the market, points out that the company is next in line to use the oil rig when Shell finishes drilling tranche B in September. With Sodra following in Shell's footsteps, any good news from the oil giant could provide a boost for the Swedish group which owns 100% of tranche F. One dealer agreed that Sodra was a cheaper way into the Falklands picture and said the lack of investor interest so far was because "punters prefer UK stocks".
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