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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Rod Copeland who wrote (4162)2/10/1999 2:20:00 PM
From: NPValue  Read Replies (1) of 5504
 
Rod,

The problem I have is this: Harken needs CASH FLOW - regardless of the low price of oil. Besides, I understand that their total cost (production + capital + overhead) of the Bolivar oil is around $7 / barrel. So, even at $11 / barrel, they are still profitable.

I know they had contractual obligations with the Cambulos. But since they may now have an opportunity to negotiate better with Ecopetrol, why can't they drill the Guadual, drill more on the Bolivar sites, and test the Canacabre at Palo Blanco, which by all indications should be a serious producer?

They need the cash flow. Wildcatting for the sake of wildcatting at this point will do nothing but drain their finances.
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