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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Shugarue who wrote (96)	11/13/1997 11:13:00 AM
From: bob bundy	Read Replies (1) \| Respond to of 270

Not to put a damper on your enthusiasm but lets keep things in perspective. 1 - The Benin play, although the first well may be successful, will require at least two more wells before the resovoir will really begin to take shape and give a "realistic" number on reserves. They will, in all likelyhood, run a 3D seismic program before drilling the next well since this well is being drilled based on 1960 seismic. Approximate date for drilling is the spring - possibly March. I have talked to the appropriate sources as well and have gotten numbers similar to yours from 50-200 million. (Food for thought - Abacan thought they would be in the 400 million barrel range only to revise downward as drilling and production commenced.) 2. The Eurogas well is a deep Wildcat well. The figures that they indicate as possible reserves are minimums and maximums should there be anything there at all. There is no reason to believe that they have anything at all at this point, although I know that they have had gas kicks and are pleased with the drilling so far. The gas kicks have occurred at levels which would be considered as secondary or bail out zones. The lower zone is the main target. Stocks wil continue to be very volatile based on the flow rates from Benin well and I expect Tuscany will certainly settle down should the second well not commence drilling until March.