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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)
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To: Razorbak who wrote (6093)6/13/1997 12:35:00 AM
From: richard hawkins   of 9164
 
Interesting post, Razor. This company CS Resources is producing 3000 bbo/day and Gulf Canada is willing to offer $14.25 for each of its (approx) 29 million shares. What are their PPP reserves?

From the AKSEF "open letter" yesterday:

<<< More importantly, the Consortium engineers believe that
discoveries to date are already sufficient to meet the initial production target of 150,000 barrels per day.>>>

...and from todays' release:

<<< This brings the total proved plus probable reserves to 417.8 million barrels. Potential reserves of 812.1 (million barrels) reported by Sproule as at December 31, 1996 were not reviewed in the mid-year update.>>>

I would say there is a considerably more pronounced VALUE GAP in our beloved AKSEF shares.

From your post:

<<<The turning point comes when some other industry player recognizes that there is that kind of value gap.>>>

Sands has recognized this and perhaps their purchase was a turning point but they may lack the resolve to go for control. That or they are coyly staying out of the market for a few days hoping to see the stock price retreat before making another big push for proxies. There are lots of other bigger fish out there and I would not be surprised to see Sands' (Lundins') efforts frustrated if they do not take the bull by the horns and soon.
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