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

To: Check who wrote (6020)	10/24/1999 2:05:00 PM
From: Fred Fannakapan	Read Replies (1) \| Respond to of 15703

Well Check, seeing as there is an absence of positive news and our regular posters are away for the weekend, how about trying to sum up the current situation, and where we go from here. I will try to do that from a layman's perspective. ELH #1 We know from the blowout that there is a lot of gas down there. How much?? The pressure testing which is about to start should tell us, my guess is that we will get unofficial confirmation from the usual sources later this week. I'm counting on good news but I think we should beware the water situation which may come back to haunt us. CAL CANAL They appear to be drilling away steadily in the first sand of the Temblor with a new(ish) PDC bit. My technical advisor tells me that PDC bits are much safer in this situation, as there are no moving parts to break off, which would result in a risky operation to "go fishing" for the missing part. We already have indications of high pressure which tells us that we have a. a source rock b. a trap We must have about 3500 ft still to drill to TD if all goes well. What we don't yet know is:- a. Porosity b. potential reservoir size c. if there is any of the dreaded water down there Verdict: looking good so far, but time and patience needed yet. We may have 4-6 weeks to go but if they hit a good sand in the next few days I think we will soon hear about it. BKP#1 Mr Nabors' best rig is currently chewing it's way down and making good progress. Hopefully this time they will drill the whole depth of the Temblor so we will really know what we have down there. Time scale to TD, 8-10 weeks?? What happens next?? With any luck we will have unofficial news from Cal Canal and the flow test at ELH sometime this week. As far as the stocks go I feel that good news from ELH will result in a modest rise - particularly in KOB. News from CC will probably take a little longer to be reflected in the prices, but what we really need is a double or treble dose of good news, that will bring in the big money waiting on the wings. But - Murphy's law may still come to haunt us (Murphy's law #1 - what can go wrong WILL go wrong). Just a few thought to pass the day along. Good luck to the guys on the rigs. Good luck to ELH shareholders. Fred