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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (769)10/13/1998 2:00:00 PM
From: Tomas   of 2742
 
"New oil shock dims Desire for Falklands"

Daily Mail 13/10/98. By Mail Reporter
Dreams of oil riches in the Falkland Islands' offshore waters took a knock as the fourth well drilled this year proved disappointing. Swedish-owned Sodra Petroleum said it could not find any oil or gas, though it found 'oil source rock intervals'.

That did not stop the shares falling 5p to 17 1/2p, down from 65 1/2p in July. Desire Petroleum, which has a 12.5pc stake in the block, fell 12 1/2p to 65p. Desire, floated in April, trebled to 445p in June as punters grew overexcited about the prospects.

The danger of disappointment grew as early wells found only oil traces. Crude prices slid over the summer, adding to the problems.

The Borgny Dolphin drill rig is due to drill two more wells, for Amerada Hess and Shell. Sodra says it has enough funds to drill again.
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From today's Evening Standard (London):
Oil minnow Desire Petroleum hit another low of 60p, down 5p - its exploration hopes in the South Atlantic off the Falkland Islands looked as bleak as the landscape in that part of the world.
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From yesterday's Evening Standard (London):
Falkland Islands explorer Desire Petroleum fell back 23 1/2p to 74 1/2p, its lowest since it was floated last April on AIM. Reports of fruitless exploration work abounded.
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