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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Dave E. who wrote (3657)	7/27/1999 2:52:00 AM
From: grayhairs	Read Replies (3) \| Respond to of 15703

Hi Dave, WRT HTP's holding in TMK they have to this point been significantly diluted by the other asset roll in and by the PP. I do not have exact nos. handy but do believe that they are close to 10% now. Maybe EJ guys can comment, or perhaps Check knows ?????????? My question about the "oilmen" was simply to ensure that I had not missed any new\very recent additions. I too hold a position in TMK, purchased a while back and at lower levels. And, like you I see tremendous upside potential for TMK but also understand that unless one of the prospects in GSJBJV hits, I'll be lucky to recover my cost basis from their minor current assets (including a good size discovery at ELH where they have only 1.0% APO). WRT the Cal Canal risk today compared to the risk related to ELH (AT THIS TIME 1 YEAR AGO), I offer my personal opinion that it probably is a very marginally lower risk but only because of the nature of the trap (a conventional anticline versus the more complex fold at ELH). There remains a very high risk that porosity and permeability may not have been preserved in this more simple structure. And, the presence of hydrocarbons is also still a huge question mark. The data available to the JV convinced them that there is a sufficient probability to spend $10 MM and find out. I've just elected to risk some of my "dry hole budget" along with them. I'm hoping that we will have much more to gloat about in the next few weeks !! <gg> Later, grayhairs