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

To: Oily1 who wrote (773)	10/15/1998 9:45:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Oily1: I agree. More claptrap: Exploration well cools oil fever on the Falklands telegraph.co.uk:80/et?ac=000853717812049&rtmo=qMLMxLt9&atmo=99999999&P4_FOLLOW_ON=/98/10/16/wfalk16.html&pg=/et/98/10/16/wfalk16.html

To: Oily1 who wrote (773)	10/18/1998 10:26:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Falklands-Malvinas News 16/10/98: Amerada Hess began drilling their second well in the Falklands/Malvinas north basin on October 13th having taken over the rig from IPC-Sodra Petroleum that decided to terminate their operation after having reached a depth of 2.938 metres. The well's original target was 3.700 metres but IPC-Sodra decided to cease drilling after evaluating information from their electric logs. The "Borgny Dolphin" rig was towed to location in Tranche "A" starting October 10th and in good weather conditions anchors were quickly laid out. Amerada were the first company to drill a well back in April and this second experience is expected to last 4/5 weeks. The rig will then be taken over by Shell who will also drill their second well. Shell actually drilled one of the deepest offshore well in the South Atlantic having reached 4.525 metres. According to IPC-Sodra the well in Tranche "F" encountered several oil source rock intervals and porous sandstone, but did not find oil or natural gas. In a press release the Swedish owned company stated that the first four wells drilled in the North Falklands/Malvinas basin have demonstrated the existence of all the factors required for the presence of economic oil accumulations. Further drilling is needed to find these factors in combination. The press release concluded that the seismic survey carried out by Horizon for Desire Oil on Tranche "I" and "L" has also been completed and the data acquired are now being processed. Shares from Desire Oil that holds a 12,5% stake in Tranche "F" dropped sharply in London after IPC-Sodra confessed the fourth well proved disappointing. Mercopress News Agency mercopress.com

To: Oily1 who wrote (773)	10/22/1998 10:58:00 PM
From: Tomas	Respond to of 2742

More claptrap or what? Desire dries up in the Falklands. The Times, October 23 BY SAEED SHAH DESIRE PETROLEUM, the oil exploration independent that said it could make the people of the Falkland Islands some of the richest in the world, yesterday said that it had no commercial discovery to report so far from the wells it has drilled. The Falklands was caught up in oil fever earlier this year as Desire and other oil companies, including Amerada Hess, the US company, held out the prospect of big finds. Nothing to indicate a substantial reserve has been discovered and analysts say that time is running out for Desire and the Falklands' oil dreams. Desire was formed specifically for Falklands exploration. "They've got nothing else if the Falklands does not work out," said Alan Marshall. of Robert Fleming Securities. The company said its activities had also been hit by the low price of oil, which made exploration less attractive. The share price of Desire, which joined the AIM at 125p in April, has been on a rollercoaster ride. It rocketed to a high of 495p in May on hopes of a substantial Falklands find, but yesterday closed at 61½p, down 12½p. Mr Marshall said that if other oil companies exploring in the Falklands, such as Shell or Amerada Hess, did not come up with a commercially viable discovery soon, the islands were likely to be abandoned for the foreseeable future by oil companies. Desire reported pre-tax profits for the six months to June 30 of £152,000, compared with £29,000 last time. Earnings per share were 0.31p versus 0.06p and there is no dividend. the-times.co.uk

To: Oily1 who wrote (773)	10/22/1998 11:08:00 PM
From: Tomas	Respond to of 2742

What about this? Desire's Falklands dilemma. Daily Telegraph, October 23 By Roland Gribben, Business Editor DESIRE Petroleum, the independent oil company whose fortunes are heavily linked to discovering oil around the Falkland Islands, is considering whether to carry out drilling on its own or find new partners amid worries about a slowdown in exploration. Results so far have been disappointing with only traces of oil found in early exploration. Desire yesterday summed up the experience as a "mixture of surprises, encouragement and disappointment". A well drilled by Shell found gas but with no market for gas the priority is finding oil. A fifth well is now being drilled by Amerada. Colin Phipps, chairman, said the early evidence showed that oil had "migrated" and geologists are now attempting to pinpoint its new location." He said: "It is disappointing not to have been able to report a commercial discovery but it must be stressed it invariably takes the drilling of several wells before the nature of a virgin basin is even partially understood." The slide in oil prices has cut exploration budgets and there are fears that the Falklands drilling programme could suffer. Desire has been a partner in two of the wells drilled so far and is considering whether it can continue on its own if other partners put Falklands development on hold, but it needs to see a fall in rig costs. Desire's shares, which hit a peak of 445p during the early Falklands oil euphoria, slipped 14 to 60p after yesterday's statement which accompanied half-year results showing a post-tax profit of £151,754 (£29,374) in the first six months. telegraph.co.uk:80/et?ac=000853717812049&rtmo=Q3SLLmkR&atmo=99999999&P4_FOLLOW_ON=/98/10/23/cndes23.html&pg=/et/98/10/23/cndes23.html