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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (270)	10/1/1996 6:50:00 PM
From: Oil man	of 24932

Thank you Kerm for your analysis of Abacan. I understand your concerns about dilution and political instability, but from what I've been hearing, these guys have anywhere from 400 million to 1 billion barrels of oil in the ground. With oil selling at $23/barrel these days, you would think that a barrel of oil in the ground in Nigeria has got to be worth at least a few bucks. Even if only $5/barrel, we're talking about $2-5 billion. How much debt can they possibly have? Even if they have $500 million debt, that leaves them with at least $1.5 billion. With 100 million shares, we're looking at a book value of $15/share!!! Even with a 50% error, we're still talking about $7-1/2 a share. Any thoughts? BTW, do you know anything about Profco Resources?

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