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

To: oelfuerunsalle who wrote (2671)	5/3/2001 1:55:27 PM
From: Edwin S. Fujinaka	Read Replies (2) \| Respond to of 4686

The specific law as it exists in Florida may become important in estimating the damages associated with our inverse condemnation case. This may or may not be the value of similar property. In the Michigan Case where Miller Oil Company settled for about $90 million, they only claimed about 10.8 million barrels of oil in place. Coastal Petroleum claims over 600 million barrels of recoverable oil at the St Georges site alone. This is more than is projected for the entirety of Federal Lease 181. Coastal Petroleum has applied for drilling permits at 12 other sites and they claim that some of these other sites are more promising than the St Georges site. Of course the Coastal Petroleum leases are closer to shore <G> and probably in shallower water for perhaps easier access. The amount of the monetary damages incurred by Coastal Petroleum is going to be where the toughest court battle will be waged. As I understand it, some of the people who helped Miller Oil win their $8/barrel are on board in this case against Florida. In any case, I doubt if Coastal Petroleum would trade their Florida lease 224-A for the Federal Lease 181.