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Gold/Mining/Energy : American International Petroleum Corp
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To: Sergio H who wrote (137)7/12/1997 6:57:00 AM
From: qdog   of 11888
 
Thanks Sergio, I speculated with them on the Colombia play a few years back. I've worked in the oil industry for the past 17 years and spent quite a bit of time overseas on exploration programs. I speculated today money that I would have with options on some other stock.

The report reads was it is siesmic, which naturally helps find a location to punch the hole and turn it to the right, it's no guarantee one way or the other that anything is there. OF course it's not to say that there isn't more.

IF I read one release correctly the government drill and hit gas and condensate, but plug and abandon it. The Caspian sea is a hot prospect and when you look at a map; a challenge. First challenge is a rig to drill a well. Next is finding the oil.

Like most projects like this, if their siesmic is confirmed by other companies, it will not be unusual for them to sell a % to bring in a partner or two. I'll assume they are 70% until a commerical field is declared. most contracts of this nature will be reduce to reflect the governments cut after the cost are recovered for the initial partners. Ususally that is a 50-50 deal. It's still a good deal for them, provided there is something in the ground. Hopefully it isn't all gas.

Good luck to all.
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