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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: John S. Sturges who wrote (7485)1/10/1998 4:56:00 PM
From: Lee Fredrickson  Read Replies (1) of 95453
 
John:

Enjoy your views on this sector and the position from which you
take them. (Long-term, value driven if I'm reading you correctly).
Have been in and out of HEC a number of times this year, but
finally bailed for awhile to see how a couple of factors would
play out. They were (haven't checked lately):
1.) HEC's IR seemed to have a way of telling investors that
announcements would be forthcoming by a certain date....that
date would come and go with no news, IR's phone would be off the
the hook or on vacation or...when news finally arrived, it would
usually be more underwhelming than the original 'teaser' seemed
to justify. Now, I know oil drilling is a risky fast-changing
biz, but it still seemed a little disconcerting when it occured
repeatedly.
2.) Bomb holes in pipelines. Short of eradicating rebels, (which
would only piss more locals off and push them into the ranks of
'new rebels) what's Colombia's gov. going to do about them?
If they roll over and attempt to appease the rebels, they might
have to deal with the rebel tenet that 'foreign concerns are
ripping off our people', whether it's the truth or not. Tho',
looking at the % take of Ecopetrol, it doesn't look like much
of a rip-off to this observer.

Hope you stick around. Sometimes LT/Value gets low ink here.

Lee
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