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

To: Tomas who wrote (690)	8/8/1998 9:04:00 AM
From: Oily1	Respond to of 2742

The following was in the Aberdeen Press & Journal Newspaper, (Scotland, U.K.). Saturday August 8 1998. QUOTE : "SHELL KEEPING MUM ABOUT FALKLANDS FLARING" By Jeremy Cresswell, (Exclusive). The rig Borngy Dolphin has been spotted flaring gas while drilling its third well offshore the Falklands. But project operator Shell was yesterday coy about whether the semi-submersible had made a discovery some 140 miles to the north of the islands. According to a spokesman, Borgny Dolphin has not yet reached its primary target, which was below 4,000 metres depth, and that the rig had only been drilling for about two weeks. "We are unable to confirm whether of not there was any flaring activity," said the London-based spokesman. He stressed that drilling was under way and that it might be some time before target depth was in fact reached. Borgny Dolphin is recorded as having started work on the well on July 5, just three days after being handed over by LASMO, which had failed to locate either oil or gas while drilling the second Falklands well. It is possible that the semi encountered a pocket of gas while working towards the objective and was obliged to flare. This must be viewed as highly encouraging. Belief is that Borgny Dolphin's flaring was spotted either by a ship; there is a lot of fishing activity in Falklands waters, or a fishery patrol aircraft. It is understood that more seismic work has been carried out in the Tranche B acreage shared by Shell and Agip than in other areas so far licensed for exploration. This therefore means they should have a better picture of rock formations that might harbour oil and gas reservoirs. But the only way to determine their existence is to drill. When Amerada Hess drilled the first Falklands well in April, enough traces of oil residues were found to confirm so-called "source rocks" - sedimentary formations which are crucial to successful exploration. This "discovery" in May led to a number of sensational stories and drove the share price of Falklands company Desire Petroleum to 495p. Yesterday it was trading around 180p. The Press & Journal has also been told that LASMO has quietly become involved in the Shell/Agip work, though it is not clear on what basis..........possibly data sharing. Unquote. Regards, Trial member, OILY1.

To: Tomas who wrote (690)	8/8/1998 10:47:00 AM
From: Oily1	Read Replies (2) \| Respond to of 2742

The following was published in the Aberdeen Press & Journal newspaper, (Scotland, U.K.), 8th August 1998. QUOTE : EXCLUSIVE BY JEREMY CRESSWELL. "SHELL KEEPING MUM ABOUT FALKLANDS FLARING" The rig Borgny Dolphin has been spotted flaring gas while drilling its third well offshore the Falklands. But project operator Shell was yesterday coy about whether the semi-submersible had made a discovery some 140 miles to the north of the islands. According to a spokesman, Borgny Dolphin has not yet reached its primary target, which was below 4,000 metres depth, and that the rig had only been drilling for about two weeks. "We are unable to confirm whether or not there was any flaring activity," said the London-based spokesman. He stressed that drilling was under way and that it might be some time before target depth was in fact reached. Borgny Dolphin is recorded as having started work on the well on July 5, just three days after being handed over by LASMO, which had failed to locate either oil or gas while drilling the second Falklands well. It is possible that the semi encountered a pocket of gas while working towards the objective and was obliged to flare. This must be viewed as highly encouraging. Belief is that Borgny Dolphin's flaring was spotted either by a ship, there is a lot of fishing activity in Falklands waters, or a fishery patrol aircraft. It is understood that more seismic survey work has been carried out in the Tranche B acreage shared by Shell and Agip than in other areas so far licensed for exploration. This therefore means they should have a better picture of rock formations that might harbour oil and gas reservoirs. But the only way to determine their existence is to drill. When Amerada Hess drilled the first Falklands well in April, enough traces of oil residues were found to confirm so-called "source rocks" - sedimentary formations which are crucial to successful exploration. This "discovery" in May led to a number of sensational stories and drove the share price of Falklands company Desire Petroleum to 495p. Yesterday it was trading around 185p. The Press & Journal has also been told that LASMO has quietly become involved in the Shell/Agip work, though it is not clear on what basis.......possibly data sharing. UNQUOTE. Regards, Steve, (OILY1).