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

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To: Oily1 who wrote (773)	10/22/1998 11:08:00 PM
From: Tomas	of 2742

What about this? Desire's Falklands dilemma. Daily Telegraph, October 23 By Roland Gribben, Business Editor DESIRE Petroleum, the independent oil company whose fortunes are heavily linked to discovering oil around the Falkland Islands, is considering whether to carry out drilling on its own or find new partners amid worries about a slowdown in exploration. Results so far have been disappointing with only traces of oil found in early exploration. Desire yesterday summed up the experience as a "mixture of surprises, encouragement and disappointment". A well drilled by Shell found gas but with no market for gas the priority is finding oil. A fifth well is now being drilled by Amerada. Colin Phipps, chairman, said the early evidence showed that oil had "migrated" and geologists are now attempting to pinpoint its new location." He said: "It is disappointing not to have been able to report a commercial discovery but it must be stressed it invariably takes the drilling of several wells before the nature of a virgin basin is even partially understood." The slide in oil prices has cut exploration budgets and there are fears that the Falklands drilling programme could suffer. Desire has been a partner in two of the wells drilled so far and is considering whether it can continue on its own if other partners put Falklands development on hold, but it needs to see a fall in rig costs. Desire's shares, which hit a peak of 445p during the early Falklands oil euphoria, slipped 14 to 60p after yesterday's statement which accompanied half-year results showing a post-tax profit of £151,754 (£29,374) in the first six months. telegraph.co.uk:80/et?ac=000853717812049&rtmo=Q3SLLmkR&atmo=99999999&P4_FOLLOW_ON=/98/10/23/cndes23.html&pg=/et/98/10/23/cndes23.html

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