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Gold/Mining/Energy : Bomax Resources - BXS.VSE

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To: Clark Kent who wrote (178)	5/25/1998 6:28:00 PM
From: Leigh McBain	Read Replies (1) of 313

I spoke with Jim today and asked him about the Khazakstan moratorium on the privatization of it's O&G industry. He assured me that Walter had already completed the licensing process and that Bomax is currently executing it's due diligence on the properties in question. There is actually one field which is apparently already in production and Jim's geologists have requested engineering reports on the field and are currently awaiting their arrival, the translation is likely to take more than a day. The field has 6 wells on it at present, supposedly averaging approx. 700 bpd each. the structure is at a depth of approx. 1600 meters (5000 ft.) and the field is 4km wide by 7km long so there is significant potential for income here. We'll have to wait and see if the DD bares out but at the moment at least it seems to be moving forward. In addition there was a minor release from the exchange approving the recently announced small PP. That's it for now. Salut, Leigh McBain

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