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Gold/Mining/Energy : Sodra Petroleum
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To: Greywolf who wrote ()11/30/1998 6:38:00 PM
From: Greywolf   of 133
 
Hydrocarbons but no oil, for now...

Stanley 30 November

Drilling over
The completion of Shell's second well puts the end to the current offshore exploration
drilling programme in the Falklands/Malvinas north basin that began last April and
included a total of six wells.
Although no major reservoirs with economic accumulation have been located in this
stage, a primary assessment of data collected in the six wells indicates that there are
abundant traces of hydrocarbons and that at least two systems have been identified in
the basin.

Analysis of the findings of the wells will take some time and operators are expected to
meet officials from the islands' government next year to discuss their conclusions and
future plans, according to the Mineral Resources Department.
"The Falklands government always said they didn't expect to discover oil in commercial
quantities at this early stage", remarked Phyl Rendell head of the Mineral Resources
Department, and added that "it will take six months to a year before it is decided where
to drill next".

Nevertheless Mrs. Rendell said the experience had been very positive for the islands
given the historically low crude prices and the oil companies current retraction to spend
more money in exploration.
"We have been fortunate to have got where we have", underlined Mrs. Rendell.
The Director of the Mineral Resources Department added that developing a oil field
takes at least ten years and "according to our production licenses system we have three
exploration periods of 5, 7 and 12 years".
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