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

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To: Tommaso who wrote (834)	11/13/1998 10:15:00 AM
From: Tomas	Read Replies (1) of 2742

The Falklands. Penguin News Friday: Data from drilling operations is being scrutinised to determine whether further oil exploration will take place in the near future. Oil prices are at their lowest since the mid-1980's and there is a surplus of oil worldwide. In an effort to reduce staff costs, Shell are making employees available to other companies and Amerada Hess are reported to be reducing office staff in Texas by 20%. If the drilling is discontinued, the Borgny Dolphin rig will move to Berkeley Sound where it will stay for a week in preparation for its journey to the North Sea. FOSAR Drilling Manager, Mr Roger Bromley said on Thursday that nothing had been decided yet but while waiting for oil prices to regain a reasonable level and for exploration budgets to begin sprouting, local services would remain "mothballed". Everything would be left ready to restart if need be. Continued on page three mercopress.com

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