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

To: Timelord who wrote (572)	5/21/1998 7:02:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Alex, RE: The Falklands. Drilling 2200 meters: 22 days. 3750 m: 45 days. Testing: 10 days. Amerada Hess spudded the well on April 27. 22+10 days = May 29. 45+10 days = June 21. But Amerada Hess maybe intends to tell us what they have found by the end of May in any case?

To: Timelord who wrote (572)	5/24/1998 9:34:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

The Falkland Islands: Swedes set to increase oil fever on AIM The Times, Monday May 25, by Fraser Nelson THE FALKLAND ISLANDS are to provide a second oil exploration stock for the Alternative Investment Market, adding to the oil fever caused by the recent drilling report from Amerada Hess and Desire Petroleum. Lundin, the Swedish energy group, intends to spin off Sodra Petroleum, which hopes to mirror the success of Desire, whose shares surged 138 per cent last week as investors speculated that it may strike some of the œ15 billion worth of oil thought to lie around the islands. Sodra's only asset is a 50 per cent stake in one of the seven tranches of exploration acreage licensed by the Falklands Government. City analysts estimate that the area could contain 2.2 billion barrels of oil, worth œ2.6 billion. Sodra's acreage adjoins the block allocated to Lasmo - in which Desire has a 25 per cent stake. Clyde Petroleum, the North Sea company bought by Gulf Canada last year, also has a 12.5 per cent stake in this Lasmo slot. City reports estimate that Sodra's slot has the potential for œ2.6 billion worth of oil - œ1.3 billion of which would be attributable to its shareholders. If Lasmo strikes the œ3.2 billion of oil that City analysts say could be lying under its slot, Desire would be in for œ400 million. Sodra needs to raise money to cover drilling costs - which some industry sources put at œ20 million. Sodra is one of 15 companies to have chipped in to hire Borgny Dolphin, a semi-submersible drill towed in from the North Sea, at a cost of œ70,000 a day. Amerada Hess, the US oil company, is currently using the drill and last week reported early signs of hydrocarbons - which prompted the dramatic rise in Desire's shares. The drill begins work on one of Lasmo's two blocks next month. After moving to Shell's block in August, it is due to do the initial drilling in Sodra's block - tranche F - in October. Although Desire has 100 per cent of the two tranches nearest the islands, Borgny Dolphin is not booked for either.

To: Timelord who wrote (572)	5/26/1998 8:50:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Falklands-Malvinas News, May 25 (Mercopress News Agency) "Minor Hydrocarbons" Strike STANLEY - The giant United States oil company Amerada Hess confirmed on Tuesday May 19th. mid day London, the presence of "minor hydrocarbons" while drilling a pilot well 120 miles off the north of the Falklands/Malvinas. Laura Matthews, Communications adviser for the company said that: "our geologists have confirmed that they have encountered some minor hydrocarbons". She added that initially chances of finding hydrocarbons on the first drill have been rated at 1 in 15, so it was most encouraging to find signs of hydrocarbons in the first well. Amerada Hess will continue to drill for a further 10/14 days and expect to know after that time, the full extent of the volume of oil that may be extracted. But in spite of the caution expressed by the company ("far too early to say if there are any quantities of oil"), and Governor Richard Ralph's suggestion that "islanders should not build their hopes too high yet", it was a night of celebration in Stanley's pubs and for the shareholders of Desire Petroleum. The first exploratory well in Falklands/Malvinas waters was spudded on the evening of Monday April 27th. The "strike" took place in the region of 2.000 metres depth. mercopress.com _________________________________________________________ DESIRE PETROLEUM CELEBRATES LONDON - Amerada Hess announcement of a "minor hydrocarbon" strike in the South Atlantic had an immediate impact in the London Exchange where shares of Desire Petroleum rocketed 170 pence on Tuesday 19th. to well over 300 pence three days later. The company has more than 150 shareholders in the islands and the chairman Dr. Colin Phipps advised islanders to resist the temptation to sell and wait for further exploration. "Chances that there will be oil fields in the Falklands Northern basin are very high and a lot of drilling will take place in the next year or two", said Dr. Phipps who added: "islanders had every right to be excited as it could prove to be a most historic day". Some London newspapers reported enthusiastically and the Daily Mail headlined "Falklanders to get œ 5 million each in oil bonanza", claiming the existence of "huge deposits". On the other extreme, a more sober The Times did not even report the discovery until the following day. Among members of the Board of Desire is former Governor Sir Rex Hunt and the representative in the islands is Lewis Clifton. mercopress.com _______________________________________________________ All articles in Falklands-Malvinas News (May 25) on one page: mercopress.com