SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Ray Boily who wrote (2631)3/29/1999 11:16:00 PM
From: Juli  Read Replies (2) of 3156
 
Nothing much that we didn't already know, except perhaps that the financing is pretty well resolved for the IMA field. All major creditors settled, a few smaller creditors not settled, but Ami is responsible for that. Only major concern as far as credit is Total, but they are currently cooperating with Abacan. Enron Benin project proceeding. Stephens said these deals normally take a year or two. This is all new to the governments there and Enron wants a gold plated contract in order to secure financing for the deal. They hope to have a clearer picture in 30 days as to how long it will take. Of course, this is not guaranteed, but Stephens believes all parties want the deal very badly. Their consultant in Benin was there. He seemed to think that the project would go forward. They are still seeking a joint venture for the Benin/Toga area. They had the geophysical consultant give a presentation on what he perceived to be the prospects. It sounded very encouraging. They had a very nice presentation (to my untrained eye, at least). They are presenting this to multiple prospective JV partners and hope to have several interested so as to get a better deal. Doesn't sound like anything is imminent. They have enough cash to last until about June and then a commitment from two shareholders (I think those were mentioned before, Rice and one other), who will take an equity position and provide enough financing to carry through 99. He seemed to think that the project would go forward. I think Sam was there, so perhaps he can add something else.

Jewel
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News