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

To: Czechsinthemail who wrote (16106)	3/23/1998 12:18:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Baird, I asked the question earlier. At what price point will the marginal land projects come back on board? My feeling is that the land projects will remain on hold while everyone waits to see whether the the prices hold. If there are a relatively large number of land rigs not in use, then the risk in waiting is small. I like your suggestion on the shallow drillers and your point about rig utilization, though. I have a big position in ESV, and I think CDG may benefit also. CDG has land exposure, but some of it is in Venezuela, and those projects should proceed. Remember that letter of commitment in Venezuela? I wonder if it goes through to contract now with the pact. I have little doubt, though, that Venezuela will be moving forward as long as they have the cash.