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

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To: Oily1 who wrote (693)	8/10/1998 9:58:00 PM
From: Tomas	Read Replies (1) of 2742

The Falklands Oil Exploration The Times, Tuesday August 11 Trade in Desire Petroleum is heading up again. The oil exploration company, whose sole assets are two gasfields off the Falkland Islands, is due a progress update. Internet reports say that gas flares have been seen off the oil tranche in which Desire has a 25 per cent stake. If gas is found, Matheson Investments estimates, Desire's shares will be worth œ17.08 apiece. If nothing is found, the shares will be worth nothing. They were up 8 1/2 p to 178 1/2 p yesterday. My comments: The Times is incredible, they always gets it wrong. 1. Of course Desire does not have "two gasfields off the Falklands". 2. Gas flares have been seen IN SHELL's tranche. Shell, not Desire, is drilling... 3. They are not exploring for gas... _________________________________________ Financial Times, Tuesday August 11 Falkland Islands oil explorers found support after internet speculation that Shell had found gas near the islands. Desire rose 8« to 178«p, Westmount was up 10 at 100p and Greenwich gained a penny to 22¬p. Analysts said it was too early for a Shell find. My comment: Why is it too early for a Shell find? They have been drilling for 5 weeks now. Of course it is possible to encounter gas and oil at a depth of 2000-3000 meters. They reached 2000 meters at least two weeks ago.

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