Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Douglas V. Fant who wrote (81384)	12/12/2000 7:41:16 AM
From: kodiak_bull	Read Replies (3) \| Respond to of 95453

A little good news for PGO holders? PGS rallies on speculation company to split up OSLO, Dec 12 (Reuters) - Shares in Norwegian oil and gas services firm Petroleum Geo-Services (PGS) <PGS.OL> <PGO.N> jumped more than nine percent on Tuesday as analysts speculated the company might split into two. "There is talk about splitting the company in two," said Orkla Enskilda analyst Aasulv Tveitereid. "Two separate units would make operations more effective." "The way the sector is today I think it would be reasonable to separate floating platform production and seismic operations from each other," he added. The stock, which only last week hit a two-year low of 88 Norwegian crowns on concerns over future earnings, was last up nine crowns at its intraday high of 102. "I think it would be positive if they split it but I am a little uncertain whether they are willing to do that. We will have to see what they are going to do," DNB Markets analyst Tor Vinje said. Vinje, who like Tveitereid was positive on the stock, said he thought the PGS rise could have been triggered by a research note by investment bank Merrill Lynch which he said focused on splitting. Other factors which could have contributed to the rise are Monday's five percent rise in the U.S. oil services index, although PGS's U.S.-listed stock rose only two percent. Tveitereid noted that PGS's partly owned subsidiary Spinnaker <SKE.N> rose 10 percent to $33.38 on Monday and that PGS has indicated in the past that it could sell at about $40.

To: Douglas V. Fant who wrote (81384)	12/12/2000 4:55:33 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

heh, heh, heh! Need I say more? Mitchell follow-up drilling raises production NEW YORK, Dec 12 (Reuters) - Natural gas producer Mitchell Energy & Development Corp. (NYSE:MND - news), said on Tuesday drilling in two of its Texas Gulf Coast exploratory sites had increased natural gas and oil production and reserves. The Houston-based company said in a statment that follow-up drilling at the Lower Wilcox and Lake Creek sites had increased production of natural gas by about 30 million cubic feet and oil production by 550 barrels per day. ``Discovery of the Lower Wilcox and Lake Creek area wells is another example of our ability to combine 3-D seismic technology with our extensive knowledge in core field areas to add new reserves,'' Chairman and Chief Executive Officer George Mitchell said. The company said it estimated the reserve potential in the two sites at 80 billion equivalent cubic feet of natural gas. Mitchell said it owned a 100 percent working interest in each area. Mitchell shares closed down 1/4 at $57-7/8 on the New York Stock Exchange. The stock has a 52-week range of $20-1/4 to $58-7/8.

To: Douglas V. Fant who wrote (81384)	12/12/2000 5:23:41 PM
From: excardog	Read Replies (4) \| Respond to of 95453

Douglas The government is always there to rain on the parade: Kaiser Disappointed Richardson Wants Its Power Sale Halted Dec. 12-MAR-- --Kaiser says BPA contract gives it the right to sell power By Melanie Lovatt, BridgeNews London--Dec. 12--Kaiser Aluminum Co. is "surprised and disappointed" by U.S. Secretary of Energy Bill Richardson's criticism of the company's move to temporarily close its U.S. Northwest smelters and resell its power, company spokesman Scott Lamb told BridgeNews. "Our contract with the BPA is crystal clear--we have the right to sell power," he said. * * * Richardson has instructed Bonneville Power Administration to explore all necessary actions to prevent Kaiser Aluminum from re-marketing the power and criticized the company for taking advantage of high market prices for electricity in the Northwest (Story .20216). The Kaiser spokesman said that the BPA had approved previous sales, which have been in full compliance with the BPA contract. "Kaiser will continue to provide wages and benefits which is in full compliance with the collective bargaining with the union," he said. When it announced the cuts in production earlier this week, Kaiser had said that eligible hourly employees would get continued compensation in accordance with its labor agreement, including up to approximately 70% of an employee's base wage for a period of time determined by length of service. They will also receive medical benefits and continued credit for pension service during the anticipated curtailment period. About 400 hourly employees are affected by the expected 10-month curtailment. Kaiser noted that the Northwest needs energy to cover its deficit and the power sale will therefore benefit the region and its residents. End