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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: double-plus-good who wrote (66343)5/17/2000 1:25:00 PM
From: SargeK  Read Replies (1) of 95453
 
O/T double-plus-good:

"Sarge,
I must say I was surprised to read you dumped your entire FGH position."

In all honesty, I surprised myself. Several factors were considered.

1. It appears that the GOM FPSO EIS may be delayed. The draft was due this month, followed by discussions and then a final report in Sep or Oct. It now appears FPSO approval for the Gulf may be delayed until next year.

2. I have been successful (read: LUCKY)over the past few months trading 15 to 25% of my FGH position. I decided to up the ante. I was too heavily weighted in the issue, having doubled my bet in the 5s and 6s to achieve a more acceptable per share average. I first sold have my holdings @ 7 7/8 which turned RED to BLACK and then decided to sell the remaining shares @ 7 15/16 resulting in a modest profit in real money, not just on paper. I just got tired of watching the wild swings between the 5s and 8s.

3. I will gradually reestablish half of my former position; but, hopefully at lower levels. I picked up 2k today @ 7 9/16 with plenty of cash to accumulate more shores as the situation dictates.

4. Also picked up 5k MEXP @ 1 3/16. I may double this bet on weakness. Selling @ a 37% discount to book ($1.89), if their refinancing gets approved (which appears likely) between now and June 15th; I expect a 30 to 50% pop in the stock price.

Good luck with your accumulation of FGH. While it may not happen, I expect to see the 6s again due primarily to the $0.08 loss which I had anticipated being a quarter of profitability and the possible delay in GOM FPSO approval as indicated above. Since there is no way to know this for certain, the game plan is aperiodic accumulation intermediate term and some trading as profitable opportunities present themselves.

SargeK

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