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

To: Carolann who wrote (15238)	3/18/1998 3:25:00 AM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Easy Carol. Just click on the poster's name and you'll be able to send a private message. Go wild with your mouse on SI and you'll find lots of fun things. PK

To: Carolann who wrote (15238)	3/18/1998 6:31:00 AM
From: Teddy	Read Replies (1) \| Respond to of 95453

News highlights from Offshore Data. Hi Carol. Welcome. The MMS received 1,188 bids on 794 tracts offered in Central Gulf of Mexico Lease Sale 169. While the number of bids and number of tracts receiving bids is down from last year's record-breaking Central Gulf Lease Sale 166, this year's sale ranks among the biggest ever. Last year's Sale 166 drew 1,790 bids on 1,032 tracts to become the biggest U.S. Gulf Lease sale ever. Bids for Lease Sale 169 will be opened at 9 a.m. March 18 in New Orleans. Who lives where they can get this on the radio? Please post details UMC Petroleum exercised a six-month option on the jackup MARINE 15. The rig, which is drilling under farmout to Seagull Energy, is now contracted to late October. Remember yesterday's rumour that GLM was losing Ks? I couldn't find any, only that this one was extended. Unocal indicates it will cut its 1998 capital expenditures budget next week in the wake of falling crude oil prices. Unocal earlier set a $1.5 billion budget, compared to $1.3 billion spent in 1997. The budget cuts will not be across the board and are not expected to affect growth projects. Confusing wording there: compare to last year, are they spending more, less or the same on exploration? We'll see next week. 12. ALASKA: Arco Alaska expects to spend $2.5 billion on exploration and development activities in Alaska over the next five years, an $800 million increase over the company's 1997 five-year plan. The $800 million increase will cover ongoing activity in the Tarn, Kuparuk River, West Sak and Alpine fields. I understand that one: An increase is not a cut. NEW ZEALAND: Spectrum Exploration Ltd. and Fletcher Challenger Energy Taranaki Ltd. formed a joint venture to explore a new permit area north of the Maui field. The PEP 38462 permit covers a 2,317-square mile area that was awarded in January for a five-year period. The permit is located on the northwest part of the Stable Western Platform of the Taranaki Basin where sporadic exploration has resulted in five wells being drilled between 1968 and 1992. The joint venture said the availability of good quality seismic data made the area particularly suitable for basin modeling. EGYPT/ITALY: Crosco jackup LABIN is expected to return to Agip offshore Italy in mid-April when it completes a farmout to Petrobel offshore Egypt. Agip is expected to keep the rig busy through year-end. THAILAND: Kerr-McGee and partner Amerada Hess are expected to sign a production-sharing contract soon for Block BW7/38 in the Andaman Sea. Initial exploration work is expected to include a 2-D seismic survey and one well, which would be drilled in 1999. UK: NatWest Equity Partners invested $45.5 million in the PSL Group (Progenitive Services Ltd). The investment will allow PSL to further expand into the North Sea, Venezuela, Gulf of Mexico and Norwegian sector of the North Sea.