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

To: Tomas who wrote (865)	11/30/1998 12:11:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Mercopress Falklands-Malvinas: "Abundant traces of hydrocarbons" Monday, November 30 Drilling over The completion of Shell's second well puts the end to the current offshore exploration drilling programme in the Falklands/Malvinas north basin that began last April and included a total of six wells. Although no major reservoirs with economic accumulation have been located in this stage, a primary assessment of data collected in the six wells indicates that there are abundant traces of hydrocarbons and that at least two systems have been identified in the basin. Analysis of the findings of the wells will take some time and operators are expected to meet officials from the islands' government next year to discuss their conclusions and future plans, according to the Mineral Resources Department. "The Falklands government always said they didn't expect to discover oil in commercial quantities at this early stage", remarked Phyl Rendell head of the Mineral Resources Department, and added that "it will take six months to a year before it is decided where to drill next". Nevertheless Mrs. Rendell said the experience had been very positive for the islands given the historically low crude prices and the oil companies current retraction to spend more money in exploration. "We have been fortunate to have got where we have", underlined Mrs. Rendell. The Director of the Mineral Resources Department added that developing a oil field takes at least ten years and "according to our production licenses system we have three exploration periods of 5, 7 and 12 years". falkland-malvinas.com