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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Alan Greenspan who wrote (688)8/6/1998 8:48:00 PM
From: Tomas  Read Replies (1) of 2742
 
The Falklands: From AFX Europe, Thursday

In a news conference in London, Royal Dutch Shell said it has only just begun explorative drilling offshore the Falkland Islands and although it has obviously carried out seismic studies of the area, managing director Phil Watts poured scorn on recent speculation that the group is close to making a discovery. ''I don't know where people get these stories from,'' Watts said. He said the company has a platform for 3-4 months offshore Falklands and has only just begun drilling. He pointed out that on average only one in ten of the group's explorations make a discovery and only one in fifty actually end up being commercial. Bearing this in mind, he described the offshore Falklands as ''real frontier territory and we are going out elephant shooting. The question is whether there are any elephants out there.''

The fire of speculation was stoked recently by Sodra Petroleum AB chairman Ian Lundin who told a Swedish news agency in late July that ''according to what we have heard, Shell has found good signs of the existence of oil but it is too early to say if there are commercially viable amounts'' Sodra is one of several companies with exploration tranches offshore theFalklands Islands. Also involved in the area are Westmount Energy PLC, Greenwich Resources PLC and Desire Petroleum PLC. Shell moved quickly to deny the report at the time, but speculation is still rife about the region. Watts said today that the group has no indications about the success of its drilling yet and will not have for some time.
rdw/zax/
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