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

To: Tomas who wrote (536)	4/9/1998 10:43:00 PM
From: Tomas	Respond to of 2742

Falkland Islands: UK's Desire Petroleum float valued at 59.2 Wednesday April 8, 2:59 am Eastern Time Desire, whose deputy chairman is Sir Rex Hunt, former governor of the Falkland Islands, was formed to participate in the first round of oil licences offshore the islands in 1996. It won interests in four of the seven licences granted, a 100 percent interest in two, and 25 percent interest in two others where Desire is part of a consortium led by Lasmo Plc (quote from Yahoo! UK & Ireland: LSMR.L). Following the placing, directors of Desire and their connections will own 30.3 percent of the company. Executive chairman Colin Phipps, a former chairman of Clyde Petroleum Plc, said Desire was very pleasd with the response to the flotation. ''We believe that Desire offers our new shareholders substantial gearing to exploration success and we look forward to an exciting stage in our development with the forthcoming Falklands drilling programme in 1998,'' he said in a statement. Other directors of Desire are Lewis Clifton, a Falklands resident and member of the Island's legislature and executive, Phipps' son, Stephen Phipps of Salomon Bros, and two other former Clyde executives, John Martin and Ian Duncan. biz.yahoo.com