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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (823)11/8/1998 9:53:00 PM
From: Tomas   of 2742
 
Penguin News Falkland Islands, November 6:

Drilling likely to end next month.
OF THE five exploration wells
already drilled in the North Falkland
Basin two are said to have identified
hydrocarbon systems.
Though no major reservoirs have
been located as yet the Falkland
Islands Government (FIG) is said to
be cautiously optimistic that future
drillings may find hydrocarbons in
commercial quantities.

FIG's Director of Hydrocarbons,
Phyl Rendell, says that if the sixth
and last well in the current round,
now being drilled for Shell, comes
up dry, there is unlikely to be further
drilling during 1999.
"We are very pleased there have been
'shows," Mrs Rendell told Penguin News,
"because it proves there is a
hydrocarbon presence."

Depressed world oil prices will also
affect the activities of oil companies,
possibly causing them to shrink
exploration until the market rallies.
"Operators will probably spend 1999
taking a long hard look at the data
they have collected this year before
making decisions," Mrs Rendell
said.
The end of drilling will also signal
the end of the fortnightly flights of
the Jetair Boeing 747 (pictured
below overflying Stanley recently)
which has been transporting oil rig
crews in and out of the Islands.

mercopress.com
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