Lundin Oil (LOILY, LOILB Sweden) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Oily1 who wrote (838)	3/9/1999 10:29:00 AM
From: Tomas	Read Replies (2) of 2742

Falkland Islands Government Review of Hydrocarbons Potential in the North Falklands Basin after the First Exploration Drilling Phase. After drilling the first six exploration wells in the North Falkland Basin the oil companies have found at least two hydrocarbon systems in the area. This indicates that the conditions essential for the formation of hydrocarbons have existed at least twice during the geological history of the region. Although reservoir development was more patchy than predicted geologists are optimistic that thicker sandstone reservoirs which contain exploitable quantities of hydrocarbons may be located in future drilling programmes. Five of the six exploration wells drilled had hydrocarbons present in small quantities. The first drilling phase concluded at the end of November 1998 and the oil companies expect to take from six months to a year to evaluate the data from the wells. In addition BGS, the Falkland Islands Government consultants, will assess the data and oil samples in order to understand more fully the geology of the area. The pace of exploration off the Falklands is inevitably going to be influenced by the low oil prices being experienced at present. It may take some time before further drilling continues but there is also a need to take stock of what has been achieved so far. Operationally the programme has gone very smoothly indeed with some wells being drilled in half the time initially planned. The companies mobilised a successful drilling campaign in the South Atlantic in under two years from their licence award and this is a remarkable achievement. The Falkland Islands Government always said that the likelihood of a major oil discovery occurring in the first drilling phase was extremely remote. In many current areas of production such as the North Sea, dozens of wells were drilled in the initial stages before any certainty of commercial reserves could be established. A hydrocarbon source has been found in the North Falkland Basin; the search for commercial accumulations will be the next major stage after evaluation, but timing may depend on improved oil prices. DMR 03 March 1999 falklands.gov.fk

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next