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

To: patim who wrote (77919)	11/5/2000 10:42:53 AM
From: ldo79	Respond to of 95453

Back On Topic: An interesting note on recent IPO WRC: "The Gulf of Mexico represented 45% of the Company's net present value as of June 30, 2000, and contributed 52% of the Company's second quarter 2000 production. Westport has interests in 259,681 developed and 360,628 undeveloped gross acres in the Gulf of Mexico and in 131 gross producing wells (approximately 36 net). The average net daily production for the second quarter of 2000 was 90 Mmcfe. The Company had 155 Bcfe of proved reserves in the Gulf of Mexico at June 30, 2000. The Company currently plans to drill 16 to 20 exploratory wells in 2000, while maintaining a two- to three-year inventory of exploration projects. Westport has under license 3-D seismic data covering over 10,000 square miles (1,460 blocks) and 2-D seismic data covering 150,000 linear miles within the Gulf of Mexico. Westport's material licenses of seismic data are generally for terms of 20 years or more. Many of the Company's leasehold interests are temporary in nature and are held by payment of delay rentals or by production. Westport has had recent discoveries on 10 blocks, five of which are producing and two of which the Company plans to put on production in the second half of 2000. The Company subsequently sold its interest in one of these blocks and will continue exploitation on the remaining two blocks." I heard from an industry contact on Thursday that they are currenty "turnin' to the right" on 5 offshore locations. Worth a look, but no position yet. Small uptick on Friday. Regards, ldo79