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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Fun-da-Mental#1 who wrote (49406)	8/17/1999 3:49:00 PM
From: PartyTime	Respond to of 95453

Except for some PDE holdings, I've been playing open market IPOs of late. But wanna get back into the patch! Anyone got suggestions as to what would be a good entry point for a driller trading in the 10-20 dollar range? Scattered in so many different IPO positions, I recently haven't been able to follow the drillers too closely--is gas exposure preferred over oil? Also, would it be prudent to buy FLC right now--so soon after the buy recommendation--or is the oil patch so strong that it wouldn't matter when I got in so long as I get in? Thanks.

To: Fun-da-Mental#1 who wrote (49406)	8/18/1999 12:10:00 PM
From: Tomas	Respond to of 95453

Iraqi Oil Output at Capacity of Current Infrastructure, UN Says Baghdad, Aug. 18 (Bloomberg) -- Iraqi oil output, which last month rose to its highest level since before the 1990-91 Gulf War, is at full capacity under the current condition of the country's oil industry, said a United Nations oil monitor. Iraqi oil production rose 230,000 barrels a day to 2.75 million barrels a day in July, ousting Venezuela as the third- largest producer in the Organization of Petroleum Exporting Countries, a Bloomberg survey reported. ``Under Iraq's current infrastructure constraints, it's hard to see how they could produce and export more oil. They are sitting on their maximum capacity now,' said Peter Boxt, a spokesman for Saybolt International BV, a Dutch company contracted by the UN to monitor Iraqi oil exports. Iraqi oil exports are allowed as an exemption to United Nations trade sanctions imposed after Iraq invaded Kuwait in 1990. Revenue from its oil sales is channeled through a UN program that buys food, medicine, and other supplies including spare parts needed for Iraq's oil infrastructure. UN Secretary General Kofi Annan has recommended the earliest possible approval of applications for spare parts needed by Iraq to rehabilitate its oil industry and boost output. He said that Iraq's continued overproduction from wells without sufficient maintenance has led to approximately 20 percent of them being irreparably damaged. Iraq, which is permitted by the UN to spend up to $300 million every six months on spare parts for its oil industry, has blamed the U.S. and the U.K. of obstructing the approval process. Iraq meanwhile has boosted daily production output from an average 2.1 million barrels in 1998 and 1.2 million barrels in 1997. Iraq's Oil Minister Amer Mohammed Rasheed has said his country plans to boost crude oil production to 3 million barrels a day by the end of the year, while output next year will be lifted further to 3.5 million barrels a day. Benchmark Brent crude oil has soared to $20.66 a barrel from less than $10 in December as the other ten members of OPEC and four other nations agreed to cut world oil output by a total of about 7 percent from April 1. bloomberg.com