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Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$ -- Ignore unavailable to you. Want to Upgrade?

To: Craig Lawler who wrote (3136)	3/1/2000 6:01:00 PM
From: Ken O'Connor	Read Replies (1) \| Respond to of 3156

Perhaps this has something to do with it........ just a guess of course !!! Looks a bit suspicious all being halted at the same time. Both COP and TGP up significantly.. mmmmmmmmmmmmmmmmmmmmmmmmmm....... Me thinks they will be bought !!!! The Toronto Stock Exchange - Trading Halts - TransCanada Gas Processing LP - TCG.UN; Canadian Occidental Petroleum Ltd. - CXY; Abacan Resources - ABC 9:28 EST Wednesday, March 1, 2000 TORONTO, March 1 /CNW/ - The Toronto Stock Exchange has issued the following trading halts: Issuer Name: TransCanada Gas Processing LP TSE Ticker Symbol: TCG.UN Time of Halt: opening Reason for Halt: Pending News Issuer Name: Canadian Occidental Petroleum Ltd. TSE Ticker Symbol: CXY Time of Halt: opening Reason for Halt: Pending News Issuer Name: Abacan Resources TSE Ticker Symbol: ABC Time of Halt: opening Reason for Halt: Pending News

To: Craig Lawler who wrote (3136)	3/2/2000 9:45:00 AM
From: Arktic	Respond to of 3156

Craig: I don't know enough about bankruptcy to give you any advice. I own no Abacan at present and will not be buying any. But I have no idea what others should do with existing shares. Best wishes. This stock has been a painful experience to one and all who purchased at higher prices (as did I). Best wishes. Paul L. Craig

To: Craig Lawler who wrote (3136)	3/4/2000 1:05:00 PM
From: FoxyLoxy	Respond to of 3156

Mr. Lawler, I can only "speculate" why the stock was going up on big volume. Likely (which we know now to be wrong) people thought there was more than just a coincidence with CanOxy and Abacan having halted. Alas, no "deal" was in the works between the two. CanOxy has been negotiating some kind of deal with Oxy for a long time. As an aside, their deal was very interesting. Abacan's release was just a follow-up to their earlier release, confirming what they hinted at. Abacan may have seen some "short covering" as well. Many do not want an open short position for a long time. This requires regulatory collateral to offset their short. A waste of capital. So, they look to cover and then move on. Just a guess. As for the "breakup" value, looking at the financial statements, there would appear to be no "residual value". The liabilities far outstrip the asset values. Any property sale proceeds would go firstly to Total and then the general creditors (I believe that would be the order), and finally to the shareholders. If Abacan could have done a "deal" on its property, they would have done so a long time ago. I am sure Mr. Stephens is tired of dealing with a slowly sinking ship. He may be the most relieved person involved in the Company. I am not sure how any of them even managed to get up in the morning to go to work on such a futile project. He is to be commended for just trying. He was brought in to do the impossible. I am not even sure how the Company will even be able to pay the Receiver. Maybe there is just enough money to "kick the cord" and clean the room. Nigeria recently announced that they were auctioning off concessions recovered by the current government from Generals and Retired Generals who received concessions under the previous administration. An attempt by the new administration to "clean up the shop". I wondered if some Abacan's old concessions were included on that list? It would explain how a "nobody" like Abacan obtained concessions in a country so known for corruption. A little "cash here and there" to grease the wheels was always suspected. And, what kind of people would make such kinds of payments..... a rhetorical question. The apple is never far from the tree. FoxyLoxy