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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Douglas V. Fant who wrote (22293)5/18/1998 9:04:00 PM
From: marc chatman  Read Replies (1) of 95453
 
Doug, thanks for the news. I posted a question a few days ago regarding where the rigs were located. I thought maybe Kalimantan or Sulawesi. Right thought, wrong island. Of course, I understood that there was also some trouble in Medan, though not nearly to the extent of Jakarta.

007: Typically, an event of force majeure (such as war, civil unrest or act of God) will relieve the parties to the contract from their obligations, which means the oil company would not have to pay the driller. One of my former partners does some oil and gas law in Indonesia, but I just learned that he's holed up in a Bali hotel until things cool off, so I can't reach him to confirm the point. I don't think that's an important issue, though. I agree with your first observation that the MDCO rig is well out of harm's way.

I sold my MDCO after earnings because I felt this quarter would have to be revised down. At these levels, MDCO is very tempting.

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