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

To: Timelord who wrote (592)	5/26/1998 6:23:00 PM
From: Tomas	Respond to of 2742

Oil-hungry Swedes head for AIM Financial Mail, London, 24/05/98 by Neil Thapar SWEDISH company Sodra Petroleum, involved in the search for oil off the Falklands, is planning to join the Alternative Investment Market in summer. Advisers have yet to be announced. Sodra owns 100% in tranche F, an offshore area north of the islands. US giant Amerada Hess hopes to complete the first well in the region in a fortnight. Shares in Desire Petroleum, Westmount Energy and Greenwich Resources soared last week on hopes of an oil strike. So far Amerada has found only traces, which still puts the odds of finding oil in commercial quantities at about one in 12. financialmail.co.uk _______________________________________________ Oil hope makes Desire Petroleum Desirable Financial Mail 20/05/98 by Scott Wilkinson THE price of Desire Petroleum has soared by almost 80% after good news from the Falklands. Drilling in the area's North Basin has revealed hydrocarbons - which prove the presence of oil or gas. Speculators have moved in to push up the share price 139p to 313.5p. Yet there is no evidence that Desire has struck enough oil to make a well commercially viable. [They got it totally wrong again, Desire is NOT drilling now] The company was set up two years ago with œ5 million from institutional investors and about 100 islanders. Last month it was floated on AIM at 125p. The placing by broker SG Securities already valued Desire at œ60million - twice the Falklands' annual gross national product. Despite the good news, equity experts are still advising extreme caution. Desire has no underlying value if the seas it is exploring does not bear fruit. And this, the company admits, remains 'a real possibility'. financialmail.co.uk

To: Timelord who wrote (592)	5/27/1998 11:02:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Port and hotel operator Falkland Islands shares surged, extending recent sharp gains, on hopes a major oil find near the islands would boost revenues in its existing business. Quote from Yahoo! UK: finance.yahoo.co.uk

To: Timelord who wrote (592)	5/27/1998 7:51:00 PM
From: Tomas	Respond to of 2742

The Independent (London), May 28: The Falkland Islands trio came under pressure. Suggestions that Amerada Hess, the US group, has not found commercial quantities of oil and gas off the Falklands did the damage. The Americans said they would report on their drilling by the end of this month. When they have finished, the Borgny Dolphin rig will move to where the Lasmo-led consortium will search. Lasmo has a 62.5 per cent stake; Desire Petroleum 25 per cent and a Canadian group 12.5 per cent. John Gilmour, analyst at Matheson Securities, is unruffled by the likelihood of the Amerada Hess drill being unsuccessful. "One must remember that in the North Sea 19 wells were drilled before a commercial discovery was made", he said. Desire, which had led the Falklands charge, fell 67.5p to 377.5; Greenwich Resources lost 4.5p to 35.75p and Westmount 47.5p to 227.5p. Lasmo, which may have struck it rich in Pakistan, fell 2p to 295.5p.

To: Timelord who wrote (592)	5/27/1998 10:40:00 PM
From: Tomas	Respond to of 2742

Falklands oil boom may be over before it begins The Times, Thursday May 28, by Fraser Nelson The Falkland Islands oil boom could well have ended before it has a chance to begin after Amerada Hess, the US group, said it has given up hope of striking oil after four weeks of drilling. Amerada - the first company to drill in the Falklands - said last night that the traces of hydrocarbons that it found "were not present in commercial quantities". It now intends to plug and abandon the site, and let Shell use the oil rig that is being shared by all 14 companies who have stakes in the Falklands waters. All six British companies with a stake in the Falklands development intend to keep drilling. A report by Matheson Investment suggested that œ18 billion of oil could lie off the Falklands. It valued Amerada's abandoned plot at œ1.79 billion. Shares of Desire Petroleum, whose sole asset is a stake in two plots of sea carved up by the Falklands Government, are expected to be hit today. ___________________________________________________ The Times Market Report: Desire Petroleum's recent spectacular run came to an abrupt halt with the price retreating 67 1/2 p to 377 1/2 p. The setback follows claims that the discovery made by neighbour Amerada Hess in the Falkland Islands was not commercially viable. The Desire price has come up from 175 1/2 p in the past couple of weeks with some brokers claiming its own prospects in the area could be worth more than œ40 a share.

To: Timelord who wrote (592)	5/27/1998 11:33:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

The Falklands: It's hard to believe one's eyes, The Times got everything wrong! Yesterday they once again wrote that Desire is drilling off the Falklands and may have struck it rich. But they haven't started drilling yet... Today they say Shell is about to commence drilling. But this time it's really Desire's turn! "Amerada's abandoned plot is valued at œ1.79 billion." Abandoned?!? They will be drilling in November again! "The oil boom could well have ended before it has a chance to begin". What?? Contrary to expectation they found hydrocarbons in the very first well, now we know there's oil in the Falkland basin. It's not over, on the contrary, it has just started! That journalist obviously doesn't know anything about oil exploration. Giving up the Falklands just because the first well wasn't commercial, what an idea. The big question was if any oil has been generated in the basin. Now we know the answer, it's a big step forward. The next question is: Are there commercial quantities? If the answer is yes, they will find it sooner or later. The oil boom has just started!

To: Timelord who wrote (592)	5/28/1998 10:02:00 PM
From: Tomas	Respond to of 2742

The Falklands: The Times Market report May 29 By Michael Clark Yesterday it was the turn of the oil minnows to pile on the agony. Desire Petroleum plunged 177 1/2 p to 260p. It has been looking for oil in the North Falklands Basin and was encouraged by the findings of neighbour Amerada Hess. Its share price responded with a leap of 175 1/2 p to 445p and brokers talking of assets of more than œ40 a share. It whetted the appetites of private investors who piled in hoping for quick riches. Then came the news that the find by Amerada Hess was not commercially viable, leaving them with a sizeable trading losses. Greenwich Resources has a 13 per cent stake in Desire and fell 7 1/4 p to 28 1/2 p with another shareholder, Westmount Energy, down 45p at 182 1/2 p. Other South Atlantic players include Falkland Islands, down 21p at 179p, and Cambridge Mineral Resources, 1/2 p cheaper at 12 1/4 p. ________________ "Desire has been looking for oil". Oh no, the same mistake for the fourth time in 10 days! Can't someone tell him? Wonder what he will say next week, when they really start drilling...