TransAtlantic Petroleum Corp (TNP.U - was Profco) Message Board

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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco)

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To: MUDMAN who wrote (131)	11/27/1997 9:20:00 AM
From: Bill Shugarue	Read Replies (1) of 270

MUDMAN: When PSO was drilling the well in Benin, the price of the other partners always followed the lead PSO was giving. When PSO increased, the partners increased. This time EUG is the operator of the well and the partners are following the share price of EUG. It doesn't help that the oil/gas section, and the overall market is heading south. EUG should reach the top of the first zone in a few days. They then plan to do casing. They hope to reach total depth by late December. In normal market conditions you would expect to see action next week, but then, these are anything but normal market conditions. The share price of PSO continues to fall. The company has no control over the share price. We have to remember that PSO has proven reserves in Nigeria and plan to go into production next year. The share price was much higher before those reserves were proven. I feel that the shares of PSO are undervalued, but you have to remember that investors are not sure when the fallout will be over. This is also the time of year when investors are selling for tax losses.

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