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Strategies & Market Trends : Trend Setters and Range Riders
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To: bobby is sleepless in seattle who started this subject1/31/2001 9:33:52 PM
From: kendall harmon  Read Replies (2) of 5732
 
SEV, nifty chart and positive news after the close

clearstation.com

Seven Seas Announces Global Agreement With Guaduas Oil Field Partners
HOUSTON, Jan. 31 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV - news; Toronto: SVS.U - news) announced today that it has signed a global agreement with Sipetrol S.A. and Cimarrona LLC, its partners in the Guaduas Oil Field, that pertains to the partners' participation in 1) the 36-mile Guaduas-La Dorada pipeline that is currently under construction and scheduled for completion by mid-2001 and 2) the drilling of a subthrust exploration well. The principal points of the global agreement are as follows:

Partner Participation in Pipeline and Production Facilities -- Sipetrol and Cimarrona, which collectively own 42.3 percent of the Guaduas Oil Field, agree to participate in and pay their proportionate share of the Guaduas-La Dorada pipeline and production facilities required for pipeline production. The estimated cost of building the pipeline and the production facilities is $23.3 million, of which Seven Seas will be responsible for approximately $13.4 million and Sipetrol and Cimarrona will collectively be responsible for $9.9 million.

Exploration Agreement for Subthrust Dindal Prospect -- Sipetrol, Cimarrona and Seven Seas have entered into an Exploration Agreement that provides Seven Seas with the opportunity to earn certain interests now held by Sipetrol and Cimarrona in the Subthrust Dindal Prospect, which lies beneath the Guaduas Oil Field, by drilling a subthrust exploration well and paying Sipetrol and Cimarrona's share of the costs of drilling and testing the well.

biz.yahoo.com
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