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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: TrueScouse who wrote (31464)	7/21/2003 5:30:21 PM
From: TheSlowLane	Read Replies (1) \| Respond to of 36161

Hi Howy - Yes, there were quite a few nuggets in the call. Financing is not an issue, apparently. IVN emphasized that the PP they did recently for US$50MM was to one investor (institutional, presumably) at a 15% premium to the market. Also, they noted that SARS was "their best friend" in that they had several months of free rein when none of the majors would send people into China to do more sniffing around. RF just played golf with the head of CITIC today, I think that relationship will be key. They alluded to the fact that they have been very busy with the Chinese lately but will wait until after the summer to divulge more details about what they are up to. I contine to believe that this one will take some time to play out but that patience will be rewarded. That's how it looks to me anyway! Paul