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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (74490)1/26/2000 12:00:00 PM
From: Joan Osland Graffius  Read Replies (1) of 132070
 
MB, >>But it is the assets in the ground, both in the US and in Asia, and their exploration expertise that make the firm attractive. The book value is low because the producing fields are way undervalued on the books. Also, UCL continuously finds ways to get production out of fields that are all but depleted on the books.

This is shades of "Gulf Western" (I think this was the name of the company) back in the early 80's. I had the opportunity to have lunch with the VP's and they learned a big lesson on undervaluing the "assets in the ground". <ggg>

Joan
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