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

To: JungleInvestor who wrote (61890)	3/9/2000 10:56:00 PM
From: Archie Meeties	Respond to of 95453

Took off the traders hat today, put on the investor cap. Willing to avg. into E&P plays I like, but not willing to chase them. E&P criteria I'm focusing on; cap ex. potential, lifting costs. As we see B2K kick into gear this Spring, margins in the E&P will become increasingly important. Rising drilling costs will separate the mediocre from the efficient explorers, and limit the growth of those strapped for cash. Needless to say, if all benefit, some will flourish. In the past year, drilling costs have been low and stable, so valuations could more simply be made without concern for margins. But the days of painfully cheap exploration costs are over. The odds are very good I'll hit my limits in the OSX tomorrow.