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Gold/Mining/Energy : coastal caribbean (cco@)
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To: george wood who wrote (532)9/2/1998 1:24:00 PM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
George,...A presentation to potential partners in the development of CCO's drilling rights should take place in the next month or two. Coupled with the possible October hearing of CCO's Appeal this means that there could be some action in the stock price before the fall elections. In the absence of any tangible news, the stock price has historically drifted down over months of no news. I don't believe that CCO has any definite date for the hearing of the appeal, but they can control the form and the timing of any presentation to potential drilling partners. I think that just the act of putting together a formal presentation will give the stock price a modest boost. An actual appeals court ruling is probably months away and will likely come after the elections in November.
Although both candidates for Governor of Florida are publicly opposed to offshore drilling, the election of Jeb Bush should be a positive sign. I think that he will understand the value of oil leases (with his families long history in the oil business) and more importantly, He will understand the potential hugh liability if the CCO case goes through the courts and is resolved via a judgement that a condemnation has effectively taken place. As I've noted before, an appraisal of the value of the oil and/or gas could lead to big numbers. We are talking about billions of dollars and perhaps tens of billions of dollars. My hundreds of billions of dollars may have been a slight exaggeration <G>.
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