Silicon Investor (SI) -- The First Internet Community

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) -- Ignore unavailable to you. Want to Upgrade?

To: Timelord who wrote (555)	5/7/1998 8:14:00 PM
From: Tomas	Respond to of 2742

Falkland Islands Offshore Oil Exploration May/June Newsletter Borgny Dolphin Arrived in Falklands Waters The "Borgny Dolphin" semi-submersible drilling rig towed by the anchor handler "Maersk Puncher" entered Falklands waters on 16 April and anchored off the east coast of the Islands, approximately nine miles from the entrance to Berkeley Sound on Friday 17 April. The tow from Europe took 72 days Drilling equipment and new anchors were transferred to the rig during the following week by the "Maersk Puncher" and "Maersk Mariner" from FIPASS in Stanley Harbour. Stanley/CSM staff co-ordinated the loading of the vessels from the pipe-yard and laydown areas near FIPASS. The "Borgny Dolphin" was towed 150 miles north to the Amerada Hess (Falklands) Ltd tranche on 24/25 April and the anchors were positioned on Sunday 26 April. The "Veesea Pearl" safety vessel also joined the rig on station. At 23:30 hours on Monday 27 the first well in the North Falklands Basin was spudded for Amerada Hess. The well is expected to take 35-40 days to reach a previously agreed depth of approximately 3000 metres. On completion the rig will be moved to the LASMO tranche to the south of Tranche A. Again the rig will need to be positioned over the approved well location by the anchor handlers. All drilling locations and well designs have to be approved by the Falkland Islands Government before drilling can begin. It is expected that five well applications will be considered for the first exploration drilling phase. Transport of Oil Workers It was decided in April that an alternative aircraft and flight route from that offered by FIA would be used initially for the first drilling operations off the Falklands. Amerada Hess have chartered a Boeing 747 SP from Jet Air to fly the oil workers from Stansted Airport in Britain to Mound Pleasant Airport with a refuelling stop at Cape Verde on the way south. The aircraft can carry 90 passengers and travels south once every two weeks to change the crews. Once in the Islands, Bristow Helicopters fly the men to the rig in a S-61N helicopter. The flight to the most northerly tranches (Amerada Hess and Shell) can take one and a half hours flying time with a refuelling stop at Cape Dolphin. Farmer, Phillip Miller and his neighbour Ben Berntsen have been trained by the helicopter company to refuel the aircraft at the remote location. Metocean Data and Environmental Awareness Equipment has been installed on the "Borgny Dolphin" to continue to gather oceanographic data following nine months of monitoring by satellite tracked buoys and measuring devices retrieved from the sea. Dr. Mike Osborne, of IPC, visited the rig at the start of drilling on behalf of FOSA's environmental working group, and briefed the crew about the local environment. A useful wild-life video of the South Atlantic compiled by FOSA has been made available to the rig and vessel crews and has been well received by crew members. Meanwhile wild-life observations continue from the site survey vessel "L'Espoir" and Fishery Patrol vessels by Falklands Conservation to add to the data-base of sightings. Site Survey Work The quiet weather in April has aided the site survey vessel M.V. "L'Espoir" in her work to gather data over more potential well locations. The site-survey data is returned from the vessel to Britain where Britsurvey interpret the data for the operator and it is submitted to FIG's consultants, BGS in Edinburgh, for further analysis prior to well consents being recommended for approval. The survey has included taking samples from the sea floor, revealing a soft, grey muddy seabed. PMR Director of Mineral Resources 4th May 1998

To: Timelord who wrote (555)	5/14/1998 9:12:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

INTERVIEW-Lundin may start Libya oil output in '99 LONDON, May 14 (Reuters) - Swedish firm Lundin Oil (LOILb.ST) said on Thursday it may start pumping crude at its Libyan En Naga North field next year pending official approval of its development plans. ''We are hoping to get the development plan approved before the end of this year and will implement it as soon as possible,'' managing director Magnus Nordin told Reuters by telephone from Stockholm. The company, with interests in the North Sea and Malaysia, would see its total crude oil output double to some 30,000-35,000 barrels per day (bpd) once the Libyan field comes on stream. The company recently announced it has discovered reserves of around 84 million barrels of light, good quality oil at the field which lies inland near the Gulf of Sirte in north-eastern Libya. The project could kick off with production of up to 20,000 barrels a day but the final level would depend on the development plan, said Nordin. Lundin is to carry out more appraisal wells on the site this year. He said the oil would be fairly easy to export as the field, in the northern part of Block NC 177, lies around 60 km from an existing pipeline. Lundin owns 40 percent of the block and its subsidiary Red Sea Oil Corporation (RSO.AL - news) has the remaining 60 percent. Lundin, formed recently by a merger of Canadian and Swedish registered companies, owns over 60 percent of Vancouver-based Red Sea Oil. The company is also carrying out seismic surveys this year in the southern section of the concession where initial tests have been promising. ''We only carried out seismic in the north last year, but it seems southern parts of the block have better prospects,'' he said, declining to say how much the firm would spend on the exploration. The recently-formed Lundin now produces 15,000 bpd, with 85 percent of that output from its share in North Sea fields and the rest from an offshore project in Malaysia. The Swedish firm is one of a growing number of European companies keen to tap Libya's oil potential and to take advantage of the absence of U.S. firms who are barred by sanctions from investing in the North African country. Libya, in turn, is relying on projects with foreign partners to keep its crude oil capacity at between 1.4 million and 1.5 million barrels a day. Production from state-run fields has stagnated as the trade sanctions prevent it from buying up-to-date technology to keep output at full capacity. Most of the projects were developed before the United States tightened existing unilateral sanctions against Libya by passing the Iran-Libyan Sanctions Act, which threatens sanctions against any company investing more than $20 million in either Libya or Iran.

To: Timelord who wrote (555)	5/21/1998 10:54:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Developments "demonstrate the presence of hydrocarbons in the North Falklands Basin"! Oil strike hints boost Desire The Times, London, Thursday May 21. By Fraser Nelson SHARES of Desire Petroleum jumped 46 per cent yesterday after the newly floated oil exploration company suggested it could be close to striking oil in the Falkland Islands. The shares, which joined the Alternative Investment Market at 125p four weeks ago, added 104 1/2 p to 305 1/2 p in frantic trading after it said that a neighbouring oil plant has spudded the first exploration well in the area. Colin Phipps, chairman of Desire, said the well being drilled by Amerada Hess has so far seen encouraging results. He added that the developments "demonstrate the presence of hydrocarbons in the North Falklands Basin". However, he cautioned that it remains "far too early to predict whether or not hydrocarbons exist in commercially extractable quantities". Shares in Westmount Energy, which owns 15 per cent of Desire, jumped 21 per cent to 190p. Matheson Investment has estimated that if Desire does strike oil, its shares could be worth œ42 apiece. Desire is now capitalised at œ125 million, against its œ55 million flotation price. Sir Rex Hunt, former Governor of the Falkland Islands, is deputy chairman of the company. About 120 residents of the islands hold shares. Mr Phipps has said the islanders could become "the wealthiest people in the world" if either Desire or the other exploration companies succeed.