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: Tommaso who wrote (589)	5/25/1998 10:41:00 PM
From: Tomas	Respond to of 2742

"Lundin intends to spin off Sodra", that's incorrect. The Times also misunderstood a couple of other things: "Sodra's only asset is a 50% stake in one of the seven tranches", that is also wrong, Sodra has 100% of tranche F. But Lundin Oil owns 54% of Sodra, The Times didn't get that right. "Sodra needs to raise money to cover drilling costs", well, two months ago that was true, but not today! London was closed on Monday, so they couldn't react to The Times article, but I expect Sodra to rally on Tuesday when British buyers invade the Stockholm Stock Exchange :-)

To: Tommaso who wrote (589)	5/26/1998 9:49:00 PM
From: Tomas	Respond to of 2742

Financial Times, Wednesday May 27: The Falklands factor was again instrumental in driving shares in the oil exploration arena sharply higher. Desire Petroleum, the stock which has captured the imagination of institutional and private investors since its exploration efforts off the coast of the Falkland Islands commenced, made further rapid progress yesterday. It advanced almost 90 in early trading before coming off and finishing the day a net 30 higher at 445p. The stock, floated about a month ago at 125p, has delivered an electrifying performance, almost trebling last week alone after a statement from the operator of the latest drilling effort that it had encountered traces of hydrocarbons. Lasmo, also involved in the offshore Falkland Islands drilling effort, rose 8 to 297p on turnover of 4.3m shares.

To: Tommaso who wrote (589)	5/28/1998 9:12:00 AM
From: Tomas	Respond to of 2742

The Falklands: "The big positive fact is that it is an oil-bearing basin". Falklands test for oil traces disappoints Electronic Telegraph, May 28, by Roland Gribben SHARES in stocks tied to Falklands Islands oil exploration slumped yesterday after Amerada Hess confirmed that the first well had failed to find oil in commercial quantities. Desire, the Aim stock with the biggest exposure to exploration success, fell 67.5 to 377.5p, while its largest investors also suffered, with Westmount down 47.5 to 227.5p and Greenwich Resources off 4.5 to 35.75p. Amerada said that the well, almost 200 miles north of Port Stanley, had been plugged and abandoned after discovering encouraging traces of oil. "They were not present in commercial quantities," the American company said. Colin Phipps, chairman of Desire, was encouraged by the statement, pointing out that Amerada had confirmed the existence of oil. He said: "The great thing is that oil has been generated. It may take, two, three, four, five or 10 wells before we track but the big positive fact is that it is an oil-bearing basin." ________________________________________________ Desire dives as Falkland oil proves elusive LONDON, May 28 (Reuters) -Shares in Desire Petroleum plunged 40 percent on Thursday after Amerada Hess said overnight it was abandoning an ''uncommercial'' oil well off the Falkland Islands. Desire fell 152-1/2p to 225p and port and hotel operator Falkland Islands eased 6.25 percent or 12-1/2p to 187-1/2p. Lasmo was scheduled to be the next company to drill starting in early July. Its shares dipped 1/2p to 295p. ''The chances of finding a commercially viable well were always remote and the hype was overdone. This is just a reaction to the enormous rise in the shares over the last couple of weeks,'' said one specialist salesman. On May 19 Desire played down hopes surrounding the find in the North Falklands basin which sent its shares surging 23.21 percent to 215p on that day. biz.yahoo.com