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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Rick McDougall who wrote (2166)	1/30/1997 6:38:00 AM
From: Kerm Yerman	of 24925

Rick / Carmanah Resources I like the company's presence in the Indonesian area. They went thru a lot of hardships in 1995 and 1996 is shaping up well, however - could of been much better if they could of maintained their drilling schedule. Shortage of the jack-up rig has really put them behind. I'm not sure how it affects any forecasting. They have got to contract to one of these rigs full time, I don't know what the plans are in this area. No doubt, they are sitting on some good offshore acreage. From what I'm able to determine, the Nutuna Sea is the main thrust for company making wells. I should of referred to the Carmanah thread before I started this message for updated info. We need to see the final agreement soon on the award of the acreage for I think it is rather overdue. It's been almost a year and a half since the Joint Study Agreement commenced and around six months now since the proposal was submitted. Company comments that the area could expose significant exploration is encouraging. Meantime, the company is in a standstill stage due to the lack of drilling since April. However, they have been continually involved with seismic programs to better provide info on their prospects. In theory, they should be building a sizable cash position, $11.6 million as of 9/30/97. Also, their workover programs are contributing to effective lesser costs. I like this company's prospects. It would appear that several institutions have jumped on their bandwagon. Company shares have risen substantially and in a period of inactive drilling. I suspect shares will really begin to appreciate further once drilling starts again. I'm currently not a shareholder, but I intend to monitor company activity and share movement closely.

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