Questions That I Posed To Gary at Millenium (Ph. 561-988-2334)
Hi all. Just finished speaking with Gary at Millenium. I had a list
of questions to ask. Here are the results. Read into them what you
will, but the answers are pretty close to the actual words I heard.
1) Have the seismic data collections by Geotex Geophysical and MMG been completed at the Chikuduk and the Begesh structure sites in Kaz?
ú Millenium will let everyone know as soon as it's completed. As for the month of January for completion, that is when the 2-D crews stated that they would complete the work (at the time they were put
under contract).
2) When do you see the initial analysis of the seismic results being released?
ú Gary spoke with George Faris today for the first time in over a week. Dr. Faris had just arrived back in the states from Turkey (his connecting flight through Turkey had been snowed in and he had to sleep in the airport) and he was very tired. Gary plans to speak with Dr. Faris tomorrow regarding many things, with the warrants being one of the most pressing items.
3) Except for completing the analysis of the seismic data, is there anything else holding up the release of the results to the public?
ú Gary knows of nothing negative that would hold up the release.
4) When do you expect drilling contracts to be signed?
ú Gary has no idea when contracts will be signed.
5) How are the JV talks going with potential partners?
ú Talks with many potential partners have been going on for quite some time. Some companies are ones that we would know by name, some are ones that we would not know by name. Gary also spoke with Lorrie Olivier who had also just returned and was very tired.
6) Is (or was) a special Board of Directors meeting being held this week?
ú This rumor is "absolutely false". Gary defies anyone to prove that any such meeting was ever mentioned as being planned or organized at any location.
7) Do you know if , or anticipate that, any significant news will be released this week?
ú Gary always anticipates that news will be released. There are always news releases that could be announced; however, it is usually more probable that any releases will be announced when Dr. Faris is in town. Because of the numerous phone calls and rumors floating around, Gary would like nothing more than to release news to the shareholders.
8) Do you expect expiration of the warrants to be extended?
ú The warrants are one of the primary topics for discussion with Dr. Faris tomorrow. Gary and Millenium are aware of the many anxious warrantholders and shareholders. Gary knows that the company [AIPC] needs to address the warrant issue to the warrantholders very, very soon.
9) When do you expect AIPC to announce the first contract for asphalt production?
ú Gary's opinion is that the refinery will eventually become a cash cow for the company. The refinery was never built for asphalt, so heat tracers must be installed on the lines to keep the asphalt from cooling. The first shipment of crude has been delivered, but the shareholders should not expect to see 110% production right away. Gary did say that he had also spoken with Mr. Chew.
10) Does Millenium plan to sell their position in the next month or so?
ú Gary confirmed that Millenium had registered 250,000 shares to sell, but could only state that the firm's investment strategies change often. He is not really aware of when, or if, the shares would be sold. He also stated that he has not sold any of his own shares.
11) Does Millenium expect to remain under contract to AIPC as their PR firm throughout the rest of 1998.
ú The current contract between Millenium and AIPC is up in April. Gary said that his firm would be happy to renew their contract if Dr. Faris would have them.
12) Finally, the stock price continues to drift downward toward previous levels. Do you consider the current stock price to be undervalued, or a good buy, at this time? Why?
ú Gary agreed that the stock price has drifted down, but on low volume.
It was at this point Gary was being called away and had to go. The
conversation was very cordial overall, and Gary seemed to be trying
to be as forthcoming as possible in his answers. I would expect that
his meeting/talks with Dr. Faris this week will result in some news
by the week's end or by mid-week next week. We will see. In either
case, it may not be the seismic numbers (unless Dr. Faris wants to
go out on a limb with what he saw in the data collected thus far
while he was there in Kaz). Stay tuned.
Still very long (and very tired as well),
JT |
