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Gold/Mining/Energy : Red Sea Oil Corporation (RSO) -- Ignore unavailable to you. Want to Upgrade?

To: Donald Lickman who wrote (124)	2/23/1998 6:35:00 PM
From: Tomas	Respond to of 332

Oil firms dismiss Libyan threat By IAN MCKINNON Calgary Bureau The Financial Post Canadian oil and gas producers and service firms are keeping their heads down and hoping their Libyan contracts do not become casualties if Canada participates in military action against Iraq. Libyan leader Moammar Gadhafi threatened this week to cancel contracts held by Canadian firms if a U.S.-led coalition, of which Canada is a member, launches an air strike against Iraq because of its refusal to let United Nations arms inspectors visit various sites. Several Canadian producers and service firms are active in the North African country. Most officials said their interests are too minor to cause a negative impact. Red Sea Oil Corp., whose shares jumped 33% on Jan. 19 after it reported an oil gusher in Libya, is watching the situation closely, but isn't worried. "It's a statement that was made, but we don't feel it will result in any impact on our contract," said Sophia Shane, manager of corporate development. The Vancouver-based junior, which trades on the Alberta Stock Exchange, plans to spend US$15 million this year drilling two appraisal wells and collecting seismic data on its 9,800-square-kilometre concession. The firm intends to begin commercial production of its En Naga North oilfield by the end of the year. Red Sea is counting on Libya as a company-making play. "We do expect to be awarded one or two more blocks this year," Shane said. PanCanadian Petroleum Ltd. expects to spend about US$5 million this year in Libya as part of three-year, US$17-million commitment signed last May. The money will go toward seismic programs for its concession in the prolific Sirte Basin, home to almost all projects with Canadian content. Political uncertainty is part of doing business, said Paul Ellis, PanCanadian's international group vice-president. "One has to weather these storms from time to time, especially in a place like Libya." Chieftain International Inc. and Numac Energy Inc. are participating in a joint venture in Libya, forecast this year to net Chieftain about 500 barrels a day of oil and Numac around 300 b/d. "While we don't like to hear these things and hope they don't come to pass, it really wouldn't have much of an impact on us," said Stewart McGregor, Numac's chairman and CEO. Libya also plays a limited role in Alpine Oil Services Corp.'s operations. President and CEO Rod Hauser estimated the country accounts for less than 5% of his business. "To be honest, I don't think it's a big deal," he said from his Bahamas office. Alpine has been active in Libya for more than a decade and has always been treated fairly, Hauser said.

To: Donald Lickman who wrote (124)	3/3/1998 9:04:00 PM
From: Tomas	Respond to of 332

Gaddafi wants U.S. oil firms to return to Libya TUNIS, March 3 (Reuters) - Libyan leader Muammar Gaddafi said his oil-rich country wanted U.S. oil firms to return to explore and invest in the energy sector. U.S. oil companies withdrew from OPEC member Libya in 1986 following economic sanctions imposed by the United States in retaliation for alleged Libyan support of terrorism. Libya denies those charges. ''The American companies are welcome to work with us in Libya to explore and invest in the petroleum sector (so that) we take advantage of their equipment and expertise,'' Gaddafi said in a speech on Monday night broadcast by Libyan television. ''(This cooperation) would be within the framework of shared interests given that America needs Arab oil, including Libyan oil, and that Arabs, including Libya, need American equipment and technology,'' he added. Libyan television was monitored in Tunis. U.S. companies Occidental (OXY - news), Conoco (DD - news), Marathon (MRO - news), Amerada-Hess(AHC - news) and W R Grace (GRA - news) accounted for about one quarter of Libya's crude output until 1986 when political relations between Washington and Tripoli deteriorated. Since then, Washington has banned trade with Libya and made it illegal for Americans to live there.

To: Donald Lickman who wrote (124)	3/23/1998 7:52:00 AM
From: Mr. Myers	Read Replies (3) \| Respond to of 332

Hello Don, couldn't resist sending you a message after reading the UP thread. How are things? I am more and more fascinated by the whole Internet stock promotion world. I am even thinking about doing a major in psychology and creating several characters that would interact with people on SI and other chat rooms. I think it would really be interesting. Anyway, if you feel like responding, why don't you respond to yourself on this thread as Mr. Myers is dead, remember? Who needs Darko (what a stupid name) to interfer. Hope everything is well.