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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: HAZ who wrote (3751)	9/23/1997 9:11:00 PM
From: Stocker	of 24939

HAZ/Gulf Canada I believe there hasn't been much news regarding the Gulf Indonesia IPO here because the issue will take place in Indonesia and trade on the Jakarta exchange. I've been curious as to the proceeds Gulf will be able to obtain as a result of the recent weakness in Asian markets. Still, I would think subsidaries of foreign firms trading on Asian exchanges would be considered somewhat of a safehaven with some of the recent weakness so it's hard to say. I tend to agree with you on Gulf's New York trading. Did you notice that much of the large short position in Gulf has been unwound the last week and a half or so (down from 10.5 million shares to about 3.5 million). This would explain some of the recent strength in the share price. Maybe some large players were expecting the IPO to run into problems and now that perception is being reversed???

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