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Gold/Mining/Energy : Sodra Petroleum
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To: Oily1 who wrote (99)2/3/1999 5:40:00 AM
From: Greywolf   of 133
 
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".
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