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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba
CCX 17.140.0%Sep 30 5:00 PM EST
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To: chris who wrote (102)3/25/1998 12:12:00 PM
From: Jim Hitchie  Read Replies (2) of 223
 
Those people who bought the stock recently thinking they could pick it up for .30 - 40, then three to five days later sell it at $1.50 are not going to hang around for very long, but those who see how important this is for CCX will be in there accumulating. There may be a delayed reaction to this because we don't have the production numbers yet.
The basic facts are these:
- this is the first wildcat well in an area that has no production at all and now shows that CCX's entire acreage is prospective for hydrocarbons.
- CCX will go from being a junior expoloration outfit to a producer and based on the size of the areas we are talking about here.......who knows how big this could be.
- they have many more prospects already identified by seismic on their concessions and some are even bigger than this one.
Look, I don't know how big this well is yet and no one knows until they do their production testing. I think they have achieved something very significant for both themselves and for Cuba. Cuba imports almost 80% of their fuel requirements which costs them substantial amounts of hard currency and they also desperately need more hydro-electrical power generation on the island. Any hydrocarbon production by CCX in this region of Cuba is huge.

Jim Hitchie,
The Cuban Investment Letter
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