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

To: Tomas who wrote (841)	11/20/1998 1:24:00 PM
From: Tomas	Read Replies (3) \| Respond to of 2742

The Falklands: Shell encountered several intervals with hydrocarbon indications, but no commercial volumes were found Shell abandons last Falklands oil well LONDON, Nov 20 (Reuters) - Royal Dutch/Shell Group said on Friday it had plugged and abandoned the last exploration well in its Falkland Islands concession. The company said in a statement that it found no commercial oil in the second and last commitment well of the Tranche B consortium, which has now drilled the two deepest wells in the North Falkland basin. Drilling off the disputed Falklands began in April and the deep Atlantic waters around the islands is one of the world's last unexplored sedimentary basins. Exploration drilling so far has not discovered oil in commercial quantities. Last month, Amerada Hess (NYSE:AHC - news) also abandoned its second exploration well off the Falklands as a dry hole. Shell said operations on exploration well Fitzroy-1 in the north Falkland basin was drilled in 446 metres of water and some 12 km south of the Sebald-1A well drilled earlier in the year. The well spudded on October 31, reached a total depth of 3,005 metres on November 13, it added. ''The well encountered several intervals with hydrocarbon indications, but, as in Sebald 1A, no comercial volumes were found. The well has been plugged and abandoned as a dry hole,'' Shell said in a statement. The five tranches to be drilled in the area cover an area equivalent to about 30 North Sea blocks. Seven tranches have been licensed in total, covering 12,800 sq km north of the Falklands. biz.yahoo.com