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

To: Timelord who wrote (543)	4/23/1998 4:13:00 PM
From: Astarte	Read Replies (1) \| Respond to of 2742

Tried....., but with a blush I realized I was greedy <g>. This play looks very interesting after the discoveries in Malaysia & Libya giving nice future cash-flow to the bottom line. Also in with Sodra on the swedish side. A similar english company(selling the rights to Falkland tranches) had a startling interest. IMHO, Christer

To: Timelord who wrote (543)	4/29/1998 8:54:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Search starts for Falklands oil (Financial Times, London) Wednesday April 29 By Robert Corzine on the Borgny Dolphin, South Atlantic Work began yesterday on the first wildcat oil exploration rig in the remote waters of the South Atlantic, off the Falkland Islands. The start of full-scale exploration operations on board the drilling rig Borgny Dolphin, about 160 nautical miles north of Port Stanley, the island's capital, marks the beginning of a concerted effort by four international oil consortia to determine if one of the world's most remote island chains has the potential to become a major oil producer. The possibility that substantial amounts of oil may be found off the Falklands has complicated relations between Britain and Argentina, which also claims sovereignty over the island. Last week the Argentine Senate unanimously passed a bill threatening oil companies operating in the Falklands with sanctions. Buenos Aires also wants them to pay a royalty to Argentina should they discover and eventually produce oil from the region. Amerada Hess, the US company operating the first well, intends to ignore the Argentine threat: "We won't pay the Argentines royalty if we are successful", said Andy Morrison, the company's head of international operations. The area in which Amerada Hess is operating is north of the main inhabited island and falls outside a proposed joint UK-Argentine exploration area to the east of the island. Negotiations are said to be bogged down over technical issues. Although the odds are 10-1 against the Borgny Dolphin making a commercial discovery with the first wildcat well, Mr Morrison says there are encouraging signs that hydrocarbons may be found. "The possible oil-bearing structures are obvious", he said yesterday. Geologists believe that occasional oil slicks in the remote area may point to natural oil seepages from the seabed. Mr Morrison said the speculation that the Falklands may prove to be as prolific as the North Sea was unfounded: "Physically it cannot be another North Sea. The sedimentary basin is simply not big enough". But Amerada Hess believes their exploration block could hold between 200m and 400m barrels of recoverable oil. That could be worth as much as $5bn even at today's relatively depressed oil price, and would certainly be more than enough to transform the fortunes of the 2,300 Falkland Islanders who are anxiously awaiting the results of the first well. http://January97:website@www.ft.com/hippocampus/q1747a.htm