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

To: Teddy who wrote (6726)	1/6/1998 2:38:00 PM
From: Czechsinthemail	Respond to of 95453

Teddy, Thanks for the seismic article. 4D and other technologies have improved drilling economics to the point where giant offshore fields will be drilled on the basis of huge payouts more than the level of crude prices at a particular point in time. This should begin to dawn on people around earnings reports and conference calls if not before. The demand for deepwater drilling is strong enough and the industry remains capacity constrained, so that any free rigs are being contracted quickly. One of the statements quoted described the situation pretty well: "We can't just sit and wait, we don't have much time left on some of our fields." Good luck, Baird