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

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To: Oily1 who wrote (773)	10/18/1998 10:26:00 PM
From: Tomas	Read Replies (1) of 2742

Falklands-Malvinas News 16/10/98: Amerada Hess began drilling their second well in the Falklands/Malvinas north basin on October 13th having taken over the rig from IPC-Sodra Petroleum that decided to terminate their operation after having reached a depth of 2.938 metres. The well's original target was 3.700 metres but IPC-Sodra decided to cease drilling after evaluating information from their electric logs. The "Borgny Dolphin" rig was towed to location in Tranche "A" starting October 10th and in good weather conditions anchors were quickly laid out. Amerada were the first company to drill a well back in April and this second experience is expected to last 4/5 weeks. The rig will then be taken over by Shell who will also drill their second well. Shell actually drilled one of the deepest offshore well in the South Atlantic having reached 4.525 metres. According to IPC-Sodra the well in Tranche "F" encountered several oil source rock intervals and porous sandstone, but did not find oil or natural gas. In a press release the Swedish owned company stated that the first four wells drilled in the North Falklands/Malvinas basin have demonstrated the existence of all the factors required for the presence of economic oil accumulations. Further drilling is needed to find these factors in combination. The press release concluded that the seismic survey carried out by Horizon for Desire Oil on Tranche "I" and "L" has also been completed and the data acquired are now being processed. Shares from Desire Oil that holds a 12,5% stake in Tranche "F" dropped sharply in London after IPC-Sodra confessed the fourth well proved disappointing. Mercopress News Agency mercopress.com

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