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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Lamb who wrote (7394)	12/7/1997 8:13:00 PM
From: Peter Berkman	Read Replies (1) \| Respond to of 9164

Jim, et al: Agree with you that the price just doesn't make sense. Obviously the company is not buying any stock as it had promised months ago, especially under 3. I wonder how Lundin feels, especially with his paper loss. It would be wonderful if someone could pick Dan Rice's brain and currnet feelings about the current stock price. Is he buying with the stock so low? Clearly commotidities are out of favor and investors are not interested in these stocks, i.e. oil, gold, etc. Will they pick up in '98 or early '99? I'm sure people at arakis feel the stock is grossly undervalued but so what else is new? I guess we will have to wait until 6 months before actual oil is flowing before the stock really moves! Is that the 2nd quarter of '99? Are we all deluding ourselves with false expectations and maybe the stock will never go anywhere. Also, anyone know why Peter Holstein suddenly left Odyssey petroleum and was replaced with a new CEO?

To: Jim Lamb who wrote (7394)	12/8/1997 8:20:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 9164

Jim: To you question, has Arakis ever been under 2.5, in the last two years, yea once, in the hey days of the 2 dollars man. It reached if memory serve a low of 2-5/16 (missed that low, but jumped on if memory serve at 2.5 or so). As I said as I said few months ago on my prior exit, the technicals do not look goods, this is often an indication that some thing is fishy. Of course we will be the last to know what, but that might actually be the time to jump in. Arakis needs to raise some $200 MM for their part of the capex. I do not think they need to do it before the end of this year but time is pressing. I see two possible resolutions to the current decline, either a capitulation phase, or announcement of a nice little gusher which lift the reserve markedly. Right now, we are in the throw of year end selling and I see no urgency to jump back in. Zeev