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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: Salt'n'Peppa who wrote (2874)5/30/1999 3:52:00 PM
From: grayhairs  Read Replies (2) of 15703
 
Welcome back.

I agree that the kill is an absolutely amazing accomplishment. Hats off to all that participated in same.

BTW, I've been browsing some annual reports and have a couple of interesting quotes for you. I'll also mention that there are some spectacular photos of ELH #1 that can be viewed by downloading the participant Annual Reports off SEDAR.

As for the quotes, Kerry Lyons in his President's Message to Shareholders of RLP said

"We are cautiously optimistic that a significant discovery has been made and are patiently waiting for confirmation."

And, President\Chairman Clayton Riddell reported to POU shareholders

"The results of this well proved up the potential for this new deep frontier play in the San Joaquin Basin. Paramount has increased its exposure to this basin and play type by committing to participate in three further exploration prospects in the San Joaquin Basin in addition to the East Lost Hills prospect. Paramount expects to expend at least $20 million net exploring in the San Joaquin Basin over the next 2 years."

That $20 million net that Clay makes reference to translates to gross expenditures of over $80 million if all the money is directed to the current JV's. Holy *hit, are these guys serious or what !!!! (BTW, I think Clay owns about 1/2 of POU so that's equivalent to about $10 MM of his own cash going to California exploration !! I think we can pretty safely conclude that he thinks there's something there. <ggg>)

Well, there'll be some interesting Annual General Meetings this week. Are you planning on attending any ??

Later,
grayhairs
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