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Gold/Mining/Energy : coastal caribbean (cco@)
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To: Henry Volquardsen who wrote (705)2/17/1999 2:31:00 PM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
Oral arguments have still not been scheduled yet due to a full schedule for the Court. They are scheduling afternoon sessions to try to catch up. After the oral arguments are scheduled and delivered, there will be a month or two for Court deliberations before we can expect a decision. So it looks like at least two or three months before we hear anything from the Courts.
The Oil & Gas Journal article was written by a man who has actually been on the CCO payroll from time to time. It was clear that He was familiar with the litigation as well as the geology, but that doesn't detract from his very positive technical analysis of the oil and gas prospects. The improvement in the estimated potential reserves from 1997 through today amounts to around an order of magnitude (ten times) and is based on continuing refinement of the analysis.
Phil Ware says that the new Governor, Jeb Bush, has reiterated his opposition to any offshore drilling. This is not surprising and reflects political reality. The potential State liability seems to be increasing rapidly and the State will probably look back someday and regret that they did not try to come to some fair settlement much sooner. The only way that the people of Florida will accept any large payment to CCO is if they become aware of how much oil is at stake here. If there is a favorable Court ruling in a few months and if it is reported honestly and fairly, perhaps there is room for a fair settlement at some point.
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