Harken Energy Corporation (HEC) Message Board

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Gold/Mining/Energy : Harken Energy Corporation (HEC)

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To: Zeev Hed who wrote (3760)	12/4/1998 2:28:00 PM
From: R F B, Jr.	Read Replies (1) of 5504

Zeev : Don't recall seeing any figures on the costs for finding oil but believe this cost to be low as HEC has the rights/leases to several properties which were previously leased to major oil companies and which already have a plethora of seismic and geological data. They have added to their knowledge on these fields but the cost of same I do not know. Don't really know exact transportation costs either. Do know that at least one pipeline would have to be built (from Cambulos Area) but that other fields were relatively close to existing pipelines. As you know, host country would get 20% off the top. Only partner on Bolivar I believe is Ecopete. Ecopete would get 50% of balance up to 150 mmb and would get increase on a sliding scale up to 75% of additional find. Believe we did numbers long time ago (not at fingertips now) but HEC's share would be about 22%-27% of find (where no partner exists). On a field with a partner, Rio Negro (Torcaz), HEC would get I believe about 18% of the goodies. Will spend some time over weekend getting these numbers if anyone is interested. RFB

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