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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)
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To: Jim Lamb who wrote (7394)12/8/1997 8:20:00 PM
From: Zeev Hed  Read Replies (1) of 9164
 
Jim: To you question, has Arakis ever been under 2.5, in the last two years, yea once, in the hey days of the 2 dollars man. It reached if memory serve a low of 2-5/16 (missed that low, but jumped on if memory serve at 2.5 or so). As I said as I said few months ago on my prior exit, the technicals do not look goods, this is often an indication that some thing is fishy. Of course we will be the last to know what, but that might actually be the time to jump in. Arakis needs to raise some $200 MM for their part of the capex. I do not think they need to do it before the end of this year but time is pressing. I see two possible resolutions to the current decline, either a capitulation phase, or announcement of a nice little gusher which lift the reserve markedly.

Right now, we are in the throw of year end selling and I see no urgency to jump back in.

Zeev
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