ARAKIS: HIGH RISK OIL PLAY (AKSEF) Message Board

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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)

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To: richard hawkins who wrote (6047)	6/10/1997 1:12:00 AM
From: Larry Brubaker	of 9164

I have gotten a little confused about the Lundin comment about Arakis reserves. Arakis' 1996 Annual Report talks about 1.1 billion barrels of reserves, but if my recollection is correct, only a small portion of this total was "proven" (I believe something like 800 million barrels was "potential". If the Lundin's comment about 600 to 800 million barrels are proven, I believe this would be a 3 or four-fold increase in proven reserves, not a two-fold increase. By the way, I just couldn't stay away (Zeev, where's my spot on the couch?) I bought my shares back today. The only thing I can say in my defense is that I bought them for less than I sold them for (even after commissions), and the price currently is more than I paid for them. The thought of not being "in" when there is finally some price movement in this stock is too terrible for me to bear, after all I've gone through with this stock:-)

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