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Gold/Mining/Energy : Oilexco Inc. -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (114)	9/28/1999 2:05:00 AM
From: Spiney	Respond to of 551

Are we the only people in SI following OIL????????????????? The stock has double in the last month. Technically broken out nicely, on steady volume. News on Talisman deal, and Iraq is lingering out there... Yet we have no followers! This is quite an incredible story! Can you imagine what's gonna happen when they actually start promoting this play! Anything re: news yet? spiney

To: bcjt who wrote (114)	9/28/1999 11:26:00 AM
From: Spiney	Respond to of 551

bcjt, The blockers are at it again. Good thing we are the only ones watching this play...or the blockers would be getting an ass kicking right now! spiney

To: bcjt who wrote (114)	9/29/1999 11:32:00 PM
From: Spiney	Read Replies (1) \| Respond to of 551

MUST READ! -this mother of a discovery is right on the Iraqi boarder. -should give you an idea of the massive potential in Iraq!!! -I wonder if this is close to the fields that OIL is negotiating for? ------------------------------------------------------------ By Mehrdad Balali TEHRAN, Sept 28 (Reuters) - Iran on Tuesday announced its biggest oil find in 30 years, a giant 26-billion barrel field discovered as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 barrels a day. He told Tehran radio development on the field, which is close to the Iraqi border, would start by the end of March 2001 and could earn revenues of some $100 billion given current estimates of recoverable reserves. The massive discovery by the National Iranian Oil Company comes under renewed Iranian efforts to rejuvenate exploration activities in a country with the world's second largest natural gas reserves and fifth biggest oil reserves. ``Exploration had been neglected for 20 years. Recently there has been a great deal of exploration effort and this find shows that Iran is still underexplored,' said Iranian oil expert Manouchehr Takin of London's Centre for Global Energy Studies. "It underscores that Iran still has the potential for big discoveries." OIL MAJORS VYING FOR IRAN BUSINESS That is one of the incentives now driving major Western oil firms competing to grab big deals under Iran's biggest energy opening since the 1979 Islamic revolution. Companies are vying for over 40 projects although progress is slow, bogged down by red tape and some domestic opposition from conservative factions. So far Iran has only awarded a handful of projects to foreign companies in offshore projects that are politically less sensitive. France's Elf and TotalFina , which are to merge soon, lead the way and Royal Dutch/Shell (quote from Yahoo! UK & Ireland: SHEL.L) is widely tipped to bag the next deal. Takin estimated that development on the new field, which is near the Iraqi border, could secure commercial recovery rates of between 10 to 40 percent -- meaning potential recoverable reserves of between three and 10 billion barrels. By comparison, the biggest finds now being made in deepwater offshore areas such as Angola and the Gulf of Mexico are in the order of one to two billion barrels. Zanganeh said the area of the field covered 520 sq km (200 sq miles) -- 55 sq km long and 9.5 sq km wide. Consultants in London said they believed the find was based on results from drilling at a well called Nir Kabir-1, one of only four wells being drilled onshore Iran at the moment. Nir Kabir is about 10 km (six miles) from the Iraq border and within 25 km (16 miles) of the edge of Iraq's enormous Majnoon oilfield. Nir Kabir has been on the industry's wish list for decades, because of its apparently simple structure and its proximity to Iraq's huge Majnoon and Nahr Umar field. ``This was regarded as a lead prospect which at that stage (before the 1979 Islamic revolution) needed further definition,' said Bob Stoneley of London's Imperial College, formerly chief exploration geologist of the international consortium that developed Iran's pre-revolution oil industry. The field has been named Azadegan, or the Freed Ones in Farsi, in reference to the Iranian prisoners of war released by Iraq after their 1980-1988 war. Iranian expert Mehdi Varzi of Dresdner Kleinwort Benson bank said the size of the discovery highlighted the fact that world oil reserves remain plentiful even though oil prices now are unusually high. ``There is no shortage of oil. Discoveries of this kind, with Kuwait's opening about to happen and post-sanctions investment in Iraq just around the corner, serve to remind us that high oil prices are just a short-term phenomenon.'