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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Doug who wrote (5339)	8/24/1998 5:35:00 PM
From: Demetre Deliyanakis	Read Replies (1) of 24898

I sold my shares of Talisman last October for $50. I may buy them back once I complete my analysis.The problem I have with TLM is that a significant portion of their reserves are in politically unstable countries such as Indonesia and now Sudan. TLM proposed offer for Arakis could not have come at a worse time. On a positive note, world oil demand in Q198 actually rose to 75.66 million bbl/day at an annual rate. This is 2 million bbl/day higher than Q197. Demand in China rose by 5.8% in Q198 to 4.03 million bbl/day These numbers are pretty good in light of the warm winter in North America and Europe and the economic slowdown in Asia. I think oil prices will be higher by next spring due to a colder than average winter and continued economic growth in Europe and North America. I have been buying shares in Renaissance Energy. I think that we will see more takeovers by foreign companies in the next year. P.S. I obtained the oil demand information from eia.doe.gov

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