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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Oily1 who wrote (838)2/2/1999 7:17:00 PM
From: Tomas   of 2742
 
The Falklands: "Geologists are optimistic". Mercopress News Agency, February 2

Four out of six
Although it may take some time before further drilling continues and the pace of exploration off the Falklands/Malvinas will inevitably be influenced by the current low oil prices, geologists are optimistic since four of the six exploratory wells drilled had hydrocarbons present in small quantities.

According to the latest newsletter from the Mineral Resources Department , "although no major reservoirs have been found at this stage in the exploration programme, geologists are optimistic that thicker sandstone reservoirs which contain exploitable quantities of hydrocarbons may be located in future drilling programmes".

The newsletter also points out as a remarkable achievement that the companies mobilised a successful drilling campaign in the South Atlantic in under two years from their licence award, proving the islands are a viable service centre for offshore drilling programmes.

The licensed oil companies, (Amerada Hess, Shell, Lasmo and IPC), the islands government and its consultants British Geological Service will be assessing this year all the data collected during the exploratory programme, and meet regularly to decide on future steps.

Meantime Australian geologists on contract are currently doing onshore mineral exploration fieldwork and taking samples for "Cambridge Mineral Resources".

falkland-malvinas.com
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