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Gold/Mining/Energy : coastal caribbean (cco@)
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To: will3 who wrote (2604)4/22/2001 3:02:04 PM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
I believe that Chevron has drilled at their natural gas site 25 miles south of Pensacola. I think they are thinking of suing for over a billion dollars if they are denied the right to produce there. I'm not sure, but I think the other Eastern Gulf leases that are coming up for sale have not actually been drilled yet. The extent of the seismic studies may be the only basis for bidding. I don't know if they have more data than is available for Coastal Petroleum, but there does seem to be a pretty big difference in the estimates in favor of CCO <G>. It would stand to reason that more extensive seismic data would be available for the CCO leases since these are already owned by someone and other oil companies have done some preliminary exploration in the past (when technology was more primative) and some drilling has been done. There was an oil show by Mobil many years ago that was the subject of some litigation since Mobil kept it a secret from CCO.
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