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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (6203)	3/26/1999 11:17:00 PM
From: CIMA	Read Replies (1) of 24892

Hi Kerm. Re POE:VSE - I heard a very strong rumor today that POE-VSE (Pan Ocean Explorations) will announce a JV with Mobil on an offshore Newfoundland well next week. I've heard the name York Harbor mentioned, about 20 km away from Shoal Point where Pan-Canadian, Hunt and Mobil have just spudded their third well and started drilling their fourth. In the bit of DD I've been able to do I know these wells cost about $10M each. Jack Singer, one of the wealthiest people in Canada, is the Chairman of the Board of POE. His wealth was earned in the Alberta oilpatch. There aren't many shares out in POE (approx. 5.5M) so this looks like an unusually good opportunity for a junior. The deal looks like it's 60-40, with Mobil carrying the larger end. I would appreciate any comments on the promise of the area or any other pertinent info as I'm relatively ignorant in oil and gas. I bought some today because it sounds really good to me but I'm running a bit blind.

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