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

To: ItsAllCyclical who wrote (52168)	9/30/1999 2:49:00 AM
From: upanddown	Read Replies (1) \| Respond to of 95453

Anyone notice the IPO today of Spinnaker Exploration (SPNX)? After pricing at $14, below its expected range of $16 - 18, it closed down 3/8 at 13 5/8. All on what would appear to be a perfect day to bring out an offshore E&P. This is no teeny-weeny E&P. It is a joint venture of PGO (thru PGS) and Warburg Pincus with plans to quickly become a significant player. They were one of the leading bidders in the recent GOM auction. Lots of cash, a huge amount of 3-D seismic from PGO, already some significant discoveries and production. Hard to evaluate but I am going to keep an eye on it. Their S-1 filing biz.yahoo.com Any evaluation appreciated. John