Ensco International Inc. (ESV) Message Board

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Gold/Mining/Energy : Ensco International Inc. (ESV)

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To: Chuzzlewit who wrote (1326)	6/22/1998 9:20:00 PM
From: mph	Read Replies (2) of 2005

Chuzzy: I understand what you're saying and agree up to a point. Demand is an important part of the equation. The slow down in demand from Asia coupled with an unusually mild winter, plus the increase in production last year, all resulted in the current overflow of storage capacity and deflated prices. I view this as a short term problem in the larger scheme of things. (This means it could continue to Q1 1999, e.g.) I don't think that the decision to engage, or not engage, in drilling projects now is necessarily related to the production capabilities of current fields. Everyone knows that there's not enough oil in operational wells to fill all conceivable future demand. The need for future drilling is a given, IMHO. It seems to me that any curtailment of immediate drilling plans is simply a short-term delay, just like the storage problem and low prices are short term. It's just a question of an investor's willingness to hold through the short term set-back, which could last longer than my Q1 1999 projection. Does this make any sense to you at all? mph

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