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Gold/Mining/Energy : American International Petroleum Corp

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To: Sycamore who wrote (6588)	1/10/1998 12:41:00 PM
From: anyer	Read Replies (2) of 11888

Sycamore, Char has not drilled wells. They are reentering existing wells drilled by the Soviets who drilled 20+ wells to delineate the field. That is where the reserve estimates come from. In reality they are always only estimates until the oil is out of the ground. In reality there could be a lot more, just as Chevron and Hurricane have continually increased estimates. CHAR reentered one Soviet well and produced 600 bpd from only one pay zone; there are at least 4 pay zones as I recall. They believe they can achieve production w/o drilling, initially. Methinks AIPN could also do likewise; so it is possible that oil could flow sooner than most would think. I know very little about reentry, but do know it is done all the time in Texas as they try to make old abandoned wells profitable with new techniques. The Soviets undoubtably had other information about the wells drilled on Begesh; this coupled with new seismic technology should give anyone wanting to increase cheap reserves the info needed to make a bid provided the studies show the oil. Some here are not willing to believe that new technology is that good; but it has revived the oil industry in Texas because they now know where to drill. See Cabot O&G COG, 90% success rate in past year drilling with 3D seismic. Unocal hit on 19 of 22 wells off coast of Thailand. In your comparison calcs,you left out the refinery; maybe we get it for free! My belief is that the new tech innovations are giving the majors the info needed to make long term decisions with a confidence heretofore lacking. Even if oil goes to 12$ bl., a smart company will want to be where cost of production is low. I personally think KAZ safer than Columbia as the oil fields are in desert and away from any sizeable population. The worries about instability are old; otherwise prudent money would not be already in the area. People thought Chevron was crazy 5 yrs. ago and now they want to emulate. Opportunity and profit rewardeth the bold. Regards, Anyer

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