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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Oily1 who wrote (1387)	11/10/1999 11:47:00 AM
From: ISPYOIL	Read Replies (1) \| Respond to of 2742

Bullish on Lundin Oil,are you oily1??Lundin Oil is in a great position in several key areas, Libya, Sudan and Malayasia. My point is that they all have much better reward to risk profiles compared to the Falklands which is very costly and damn near disabled the good ship Lundin with the costly program required. The Sodra financing helped out of course and was a good move.Letting a major farmin and remove all or most of the cost, and risk, to me is a better allocation of capital for Lundin. Please tell me your view.

To: Oily1 who wrote (1387)	1/20/2000 9:30:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

Falkland Islands Offshore Oil Exploration January/February 2000 Newsletter Department Of Mineral Resources Independent reports compiled for oil companies completed in late 1999 have confirmed earlier assessments that a very rich source rock is present in the North Falkland Basin. Reports suggest that the source rock could have generated billions of barrels of oil. The long term potential for the area to be an oil bearing province looks encouraging. Further exploration is expected to take place over the next few years to try to establish the presence of hydrocarbons in commercial quantities. Licence holders will be actively looking for new partners this year to support the next exploration phase. Companies may decide that more seismic information is needed before considering drilling additional wells. The Falkland Islands Government (FIG) is on track to introduce a new "out of round" licensing policy this year. Details are expected to be available to companies by the second quarter of the year. FIG will be exhibiting results from the first exploration drilling phase in the North Falkland Basin at the meeting of the American Association of Petroleum Geologists (AAPG) in New Orleans in April. Outline details on new licensing initiatives will be available at the convention for companies interested in the region. Revenue from taxation during the exploration drilling programme made a considerable contribution to FIG income in 1999. œ1.2 million can be attributed to offshore oil industry activity while indirect tax from local businesses is not included in the figure. sartma.com

To: Oily1 who wrote (1387)	2/13/2000 11:55:00 PM
From: Tomas	Respond to of 2742

The Falklands: The analysis indicated that most of the six wells had been looking at "the wrong levels, and should have gone deeper" Financial Times, February 11 Falklands plans 'open door' oil regime The Falkland Islands government plans to introduce an "open-door" oil exploration regime, allowing companies to search for oil in exchange for sharing their data with the islands' authorities. Details of the new licensing policy are expected to be given to the industry by the second quarter of this year, said Phyllis Rendell, the Falklands' director of mineral resources. The policy shift comes amid promising results from analysis of data accumulated during drilling in 1998, after the Falklands' first-ever licensing round, which covered the North Falklands Basin, north of the islands. "There is very much a consensus there is a good story to tell," said Mrs Rendell. "There is quite an outstanding source rock in the Basin that could have generated billions of barrels of oil." Under the round, the government issued offshore licences to five consortia. Drilling began in April 1998, but was halted in November the same year as the oil price slid. Five of the six wells drilled yielded traces of oil and gas, but not in commercial quantities. The "out-of-round" licensing policy is intended to encourage continued research, such as seismic surveys, leading to the resumption of drilling within a couple of years. Companies are to be offered exclusive rights in waters off the Falklands, except in environmentally sensitive areas near the shore, in exchange for a research commitment. However, analysts think the oil companies are unlikely to return in force to areas such as the Falklands, in the early phases of exploration, without sustained high oil prices. Analysis of the data from the 1998 drilling had been completed, said Phil Richards, of the British Geological Survey. "We believe there is a viable petroleum system there, and we think we know where it is," he said. "There could be up to 60bn barrels of oil in the region. That doesn't necessarily mean there is that amount of findable oil, or even any at all. But that amount of oil could have been generated." The analysis indicated that most of the six wells had been looking at "the wrong levels, and should have gone deeper", said Mr Richards. Work on a joint oil round with Argentina in a "special co-operation zone" south-west of the islands was "plodding on", said Mrs Rendell. Britain and Argentina, which both claim sovereignty over the Falklands, agreed in 1995 to launch the joint round. However, it has proved difficult to reconcile the two countries' legal, environmental, and health and safety regimes.