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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Ed Ajootian who wrote (22991)	5/24/2003 7:46:33 AM
From: jim_p	Read Replies (2) of 206209

Pretty dramatic stuff!! "Aggregate exploration and development (E&D) costs, excluding reserve revisions and acquisitions, among those independents averaged nearly $12.70/boe in 2002, up 65% from 2001 levels, he said. "The significant increase was underscored by a nearly 40% drop in total proven reserves added per successful well, which fell to near a 10-year low of just over 200 million boe/well," Morris said. "This is partly a result of producers depleting their drilling inventories as they have shifted their focus away from exploration toward development drilling over the past few years, in an attempt to boost or sustain near-term production growth and to improve overall returns."

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