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

To: Daniel M. Whipple who wrote (6177)	12/28/1997 10:43:00 AM
From: Mel Spivak	Respond to of 95453

Leases in GOM will expire unless exploration therein takes place. A knowledgeable source told me that. Therefore, there will be even more competiton for rigs, especially deep water rigs.

To: Daniel M. Whipple who wrote (6177)	12/28/1997 1:38:00 PM
From: DNaber	Respond to of 95453

Daniel and All, If you haven't seen it, the 1 DEC Forbes has an article titled "Nuptial Frenzy" about the growing trend towards mergers in the E&Pers. It's a good article and gives some data on 20 smaller cos that may be merger candidates such as the recent mergers of LL&E, Mesa and others. One of the aquirers, Richard Rainwater (who controls 15% of Pioneer Natural Resources (which recently acquired Chauvco Resources)) stated the following: "To meet energy needs, the world has to add 2-3million barrels a day of new oil production every year. Oil is not coming on stream at that rate. Starting in 1999 there will be virtually no spare capacity in the world. The price of oil has to rise." he further sees oil at 35$ a barrel in the next 2-3 years. Dave