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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SJS who wrote (17786)4/3/1998 7:55:00 PM
From: Teddy  Read Replies (2) of 95453
 
NEWS snips from Offshore Data:

Teddy's Notes : This was one of the worst weeks ever for the industry. Next week looks even worst. God help those that held stocks over the weekend.

CANADA/INTERNATIONAL: Sands Petroleum AB received regulatory and
shareholder approval to change its name.
Effective April 2, the new name of the company is Lundin Oil AB.
Just the kind of thing that Canadian companies do right before they go belly up, right Mike Boyd?

U.S.: WRT Energy changed its name to Gulfport Energy Corp. The company is a newly created entity that was formed pursuant to WRT's Chapter 11 reorganization.
Oh, i guess they play the same games here in the US. I'll put that on my buy list for Monday's open.

U.S GULF: Jackup ENSCO 95 received a three-month contract extension from Mobil. The rig is now under contract to August 1.
3 month contract... Chapter 11 in four months?

U.S. GULF: Jackup ENSCO 51 received a two-well plus one-option contract from Hall-Houston. The rig will start in High Island Block A-304 around April 22. The primary contract term is expected to last
to mid-June. The rig is currently working for Seneca Resources in South Marsh Island Block 122.
less than 3 months... the hand writing is on the wall.

U.S. GULF: Global Marine jackup GLOMAR BALTIC I is expected on location in Grand Isle Block 116 any day. The rig has a one-well plus one-option contract with Anadarko.
"expected... any day" I guess they don't use Federal Express

U.S. GULF: Horizon Offshore's pipelay barge LONE STAR HORIZON is mobilizing this weekend to install a 4.42-mile, 6-inch diameter gas pipeline from Sonat's West Cameron Block 509 No. 1 well to a tie-in
with Tetco's pipeline in East Cameron Block 280. Water depths range from 150 feet to 170 feet.
Means nothing to me, but someone asked about the IPO. Give it 2 quarters and watch it drop 70%

UK/CASPIAN: Monument Oil reportedly will use a portion of the proceeds from a recent $96 million rights offering to acquire exploration stakes in the Caspian region.
i was going to put an AIPN joke here, but i was laughing too hard to type it.

INDIA: Valentine Maritime's REGION 250 completed installation of a CALM buoy for Enron's Dabhal power plant in India. The mooring unit has a 16-inch diameter floating hose and two 12-inch diameter offloading hoses that can accommodate up to 60,000 dwt tankers in over 60 feet waters.
i have no idea what this means, but i figured if i posted it people would think i am wicked smart. Actually, all the wicked smart people dumped these dogs a long time ago and bought AOL. Not too late... or is it?
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