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Gold/Mining/Energy : Tracer Petroleum (TCXXF)

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To: Irene Harvey who wrote (190)	6/10/1997 6:45:00 PM
From: Peter G. Troyan	of 1261

Talked to Tracer yesterday, regarding the annual meeting held last Friday.Following is a brief synopsis of Steve Jacobs address to the meeting: Tracer and their associate PT Mozadi, an Indonesian company, are currently looking at 6 producing/development properties. He said their plans include acquiring a number of these, possibly all of them. They also hope to begin acquiring them within the next two months. This would be great news, as it would bring in substantial revenue to Tracer. As for the NT Block, they have 2 companies very interested in becoming a jv partner. They are currently reviewing the proposal with their respective boards.This, I am told, could happen in the short term, if one of the boards approves the proposal. Things are starting to solidify under the new management, as they are taking a different approach to moving the company forward. The emphasis is on a jv partner and acquiring producing properties to fund the exploration of the NT Block. This is a more conservative and better long term strategy for the future of the company. All comments are welcome. Pete

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