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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: Tom Frederick who wrote (1197)	12/27/1999 7:35:00 PM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

The offshore oil reserves that could underly the CCO leases could be viewed as a strategic US Reserve and perhaps the Federal Government could bail out the State and buy up the delay in drilling as just part of insuring an oil reserve for future use. I think that a real estimate of how much oil is there should be made without regard to any possible settlement at this point. CCO should not worry that it is too much for the State of Florida to pay at this time. My suggested delay in drilling would be a very flexible deal that is well within the State's ability to fund, but if the Federal Government wants to buy out the entire lease as part of a Federal strategy to provide a strategic reserve for the future then CCO ought to consider all realistic offers of a lump sum settlement if the Feds want to do it that way. I still like my suggested deal where CCO retains the mineral rights into the future, but someone pays for a delay in drilling and development right now with any monies paid now to be reimbursed out of future oil revenues when and if they eventuate. A clever politician ought to be able to turn this situation into a political plus. Certainly a hugh oil reserve in United States territory ought to be viewed as a hugh plus for America by most Americans. How this got turned into a negative is a total mystery to me.