KOB.TO - East Lost Hills & GSJB joint venture Message Board

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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture

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To: pete meyer who started this subject	12/1/2000 10:39:02 AM
From: Greg R	Read Replies (1) of 15703

TD Securities issues BUY on BKP - "After setting casing into the Temblor, Berkley and its partners decided to deepen the well and drill into the second sand package (2nd Caneros) to see if a second higher-pressure gas zone could be found. Shortly after drilling into the second sand, late Tuesday, the well took two large gas kicks and was forced to suspend drilling to circulate out the gas. Gas sent to the flare stack created a flame approximately 75’ in height. Preliminary analysis would suggest that Berkley has connected into the same high-pressure zone seen with the very first well that blew-out over two years ago. Having intersected a high deliverability zone, it is likely that the well will finish drilling shortly with testing to occur in December or early January. We view this as a positive development in a complex but potentially enormous play. Berkley is on schedule to bring BKP #1 on stream in mid to late January at a time when California gas prices are C$26.00/Mcf. We continue to view Berkley as a BUY with a 12-month target price of $10.50 generating an expected return of 52%."

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