Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba Message Board

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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba

CCX 17.14

0.0%

Sep 30 5:00 PM EST

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To: calvertd who wrote (195)	7/15/1998 11:48:00 AM
From: Tate	of 223

Thanks for the reply! Any idea on when the financing will be completed or at what price? Market seems to be telling us that it will be done in the 20-25 cent range. Interesting comment I heard from the company. When I asked why would they drill a well without enough money in the bank to complete the well, they responded that they were assured that additional financing would come through if the well required testing. In this case the well appears to have encountered four zones, yet the company that was to provide the additional capital decided not to. This creates a little uncertainty, but the company is sticking to their guns in that they are publicly stating they believe the oil reserves to be fairly significant. Yet, I still wonder why they are having so much trouble raising money if the discovery is what they say it is!

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