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Gold/Mining/Energy : GENTRY RESOURCES LTD. (GNY.B - TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Len Hynes who wrote (215)	1/21/1998 2:19:00 AM
From: Bob Vukovich	Respond to of 601

Hello Len and Everyone: For your Information: The following will give you some info. on Cote d'Ivoire. January 20, 1998 Rangerlikes Ivorian oil outlook ABIDJAN, Jan 20 (Reuters) - Ranger Oil Ltd Vice President Phillip Irwin said it was prepared to invest more heavily in Ivory Coast because its important offshore oil potential was backed by political stability. Canadian oil explorer Ranger has interests in three offshore oil blocks in Ivory Coast, CI 102, CI 101 and CI 103. Agreements to develop the latter two were signed in December and Ranger is to invest an initial 60 billion CFA francs ($98 million) in them. "We are ready to spend more money in Ivory Coast if the first results are encouraging," Irwin told Ivorian daily Le Jour in an interview published on Tuesday. Asked if Ivory Coast could become "an African emirate like Nigeria, Angola and Gabon," he replied: "We certainly hope so." Irwin also said that political risk was one of the first things the company looked at before investing in a country. "As regards Ivory Coast, we think, taking into account its great political stability,that we are quite okay. We reckon the political risk is very slight, and that's what justifies the large investments we are making in this country." Under the offshore propspecting agreements, Ivory Coast will take 45 percent of the profits from the various operating areas, after costs. Irwin described this percentage as "equitable and acceptable." "You find this percentage in oil industry contracts in general and in the offshore sector in particular," he said. Best Regards, Bob Vukovich Manager of Investor Relations Gentry Resources Ltd.