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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Don Crespino who wrote (2293)1/1/1998 10:01:00 AM
From: John S. Sturges  Read Replies (1) of 5504
 
A few words of caution here. Part of the weakness in HEC has been the selling coming from the convertible note by the Shanghai Hong Kong Bank. The Asian markets have been better and the need for immediate cash in "Dollars" has lessened. There are still some 5 million shares to be converted by my calculations and this could still give us some pressure before the Catalina results are released very late this month. In short HEC has moved up because the selling pressure slowed. My best information is that they have very likely just turned horizontal and that they are continuing. This is very positive. They would not continue unless results are good, however they are 4-5 days behind as they are being cautious on this first attempt of this type of drilling in what appears to be a very highly fractured chaulk. Look for Seven Seas to be listed on the AMEX within days. 4 major firms are ready to issue investment reports. This could lift the interest in HEC substantially.
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