first star energy FST on the ASE Message Board

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Gold/Mining/Energy : first star energy FST on the ASE

FST 10.18

+0.3%

Aug 25 5:00 PM EST

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To: Garry R. who wrote (727)	8/1/1999 6:50:00 PM
From: grayhairs	Read Replies (1) of 754

Well, you're right, I did say "very much alive" but I actually meant that in contrast to "done and over with" and "dead in the water". At best, things are progressing at a snails pace on the Strachan project. I'll speculate that the major delays are a consequence of FST's deal to purchase the Apache interest in the prospect and FST's failure to close (even after being granted an extension until early July, I believe). I arrive at this conclusion because I believe it would be very difficult to proceed with a "costly development project" whilst the ownership of a very large piece of the project was hanging in the air. Recently, as a result of the FST failure to close the purchase, Apache has re-assumed its role as operator and Apache is now working to get the discovery well on stream and producing to the Gulf operated Strachan gas plant. The pipeline right of way is permitted and surveyed and I have been told that all "materials" have been procured. About two weeks ago when I checked, the pipeline had not yet been strung out and no wellsite facilities had yet been installed. So first production is a little ways off yet. Drilling of a shallow (~10,000 foot) development well is supposedly to take place this fall. And, I understand that the participants are again looking for a party to farmin and drill another deep test (on lands other than the lands earned by Apache). That's about all I can tell you on the matter. Later, grayhairs

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