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

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To: Tomas who wrote (846)	11/20/1998 11:03:00 PM
From: Tomas	of 2742

The Falklands: Shell caps well. The Times, Saturday SHELL has abandoned another oil well in the Falkland Islands, delivering a further blow to the hopes of islanders that a pot of black gold lay beneath their territorial waters. Shell Petroleum Development said yesterday that it had plugged and abandoned Fitzroy-1, an exploration well drilled in partnership with AGIP-ENI in the North Falkland Basin. Shell said that drilling had encountered hydrocarbons but no commercial volumes were found. The disappointment at Fitzroy-1 follows the abandonment earlier this year of Sebald-1A, another Shell exploration well.

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