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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: drjoedoom who wrote (3407)8/14/1998 6:35:00 PM
From: Ed Ajootian  Read Replies (1) of 5504
 
Joe,

For a Colombian oil field to be bankable it first has to be "declared commercial" by Ecopetrol. For it to be declared commercial you need to have at least a couple of wells that found pay and tested commercial amounts of production, and I believe you need to have a pipeline connected to your field and let the wells produce into the pipeline for at least a couple of months.

I believe the new Colombian president is increasing the comfort level of energy finance firms lending on Colombian projects.

One key development I'm waiting to see announced is the Colombian approval for HEC to build a pipeline out to its Bolivar wells. IMO this will be critical to getting things going since those wells are monsters and once those babies are cranking away Mikel can go to the bank and walk out with an immense wad of cash. Hopefully the new president has not totally disrupted the governmental operations over there and HEC will get this approval soon.
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