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Gold/Mining/Energy : American International Petroleum Corp
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To: StockDoc who wrote (2170)9/23/1997 2:09:00 AM
From: Buzz Mills   of 11888
 
From the news it appears that we will have some idea about the seismic results somewhere in the end of November or later part of the year. Any commments or elaboration on the recent news release?

StockDoc,

From the news release:

Development of the License database has begun and the initial seismic
lines are being reprocessed for orientation of the seismic program and selection of possible drilling sites. The company will mobilize a survey crew in October to begin work to lay out the initial 1250 kilometer seismic program, which is expected to begin by November 1997. Preliminary discussions have been held with potential drilling contractors and work on the first well is now scheduled to begin late first quarter or early second quarter of 1998 depending on rig availability.

Assuming they don't have to shoot any new seismic, just survey, and reprocess existing seismic data, probably three-four months for that large of an area. Drilling will also take time--depending on the depth of the well (I understand the wells in that region are deep) could take two, three months, or even longer if there are any difficulties. With a probable start date for the drilling of the first well, the second quarter, it doesn't appear AIPN will have oil in the pipeline in the first quarter of 1998 as the prior news release stated.

Buzz Mills
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