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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (235)	10/4/1996 5:49:00 PM
From: Kerm Yerman	of 24925

Pacific International Securities Inc. Buy and Sell October 1, 1996 Carmanah Resources Ltd.(CKM-TSE) $4.65 ($1.67-$4.80) Richard Oddy, senior mining and energy analyst, recommends this pick for more aggressive investors. This Calgary based oil and gas producer recently completed an $11mil financing that will be used to fund an aggressive capital spending program to expand its projects in Indonesia The company's six-month financial results reflect rapid expansion of oil production and significant growth in revenue, cash flow and earnings that should continue over next several years, said Oddy. "Carmanah has a strong balance sheet with no long term debt." It trades at around 3.5X estimated 1996 cash flow per share of $0.80, and at a discount to net asset value. Cash flow for fiscal 1995 was $0.20.

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