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Technology Stocks : SLH Corp. (SYNM) - From natural gas to crude oil -- Ignore unavailable to you. Want to Upgrade?

To: Tokyo VD who wrote (91)	3/15/1998 7:56:00 PM
From: John M	Read Replies (1) \| Respond to of 281

I think the real value in Syntroleum comes from the plant immediately following the first commercial plant - particularly if the Texaco plant is built for 50 MM$. That plant could be the ARCO Prudhoe plant (estimated to cost 10 Billion$). ARCO has long been evaluating LNG for Alaska. My personal opinion - LNG sucks. To hard to handle (refrigerated railcars, trucks), low btu per gallon cost way too much to make. ARCO can put the GTL plant on the slope and ship the syncrude with the rest of the crude from the slope. Pipeline has capacity as oil drops off. To get the $30 price you make pure diesel and sell it in California. California CARB#2 diesel has an extremely low sulfur spec - major refineries spent over 500 MM$ each to meet CARB specs on unleaded and diesel fuels. The diesel from Syntroleum has no sulfur and can blend up other diesels to spec. Shell is selling their Malaysia middle distillates plant diesel in the Los Angeles market at an $8/BBL premium to CARB#2 diesel!! Comes by barge. Please elaborate on what you know about Syntroleum's licensing arrangements. What would one 10 billion$ plant do to their financials? JM

To: Tokyo VD who wrote (91)	3/16/1998 12:57:00 AM
From: James J. Franklin	Read Replies (1) \| Respond to of 281

How is it you know the details of these transactions when none of the fees paid, or the per barrel price has been disclosed to the public(to the best of my knowledge). Is this conjecture on your part? Regarding Czeschin; hired gun? Doubt it.

To: Tokyo VD who wrote (91)	3/17/1998 8:35:00 AM
From: Oneshot	Respond to of 281

An earlier post mentioned a possible IPO for Syntroleum. Has anybody figured out how this would affect SLHO shareholders? In other words, would Syntroleum be issuing part of their 60+% of ownership in the IPO or would SLHO issue part of their 31%, etc. After all, SLHO has been selling off their other assets so virtually all their value is in their Syntroleum ownership. Will SLHO shareholders be receiving Syntroleum shares from the IPO or is this a separate issuance? Questions to ponder in advance.