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

To: Tulvio Durand who wrote (16981)	3/28/1998 7:46:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 95453

Tulvio, I'll post analyses as they roll off the press. Consider carefully the implications of that hypothetical I posted and you will see why the bullish case for the sector is so compelling. As the old song goes: "Oh Lordy how the cash rolls in ...". But notice that the critical issues are the length of the bull cycle and restraint in building new rigs. Regards, Paul

To: Tulvio Durand who wrote (16981)	3/28/1998 8:42:00 PM
From: Bill Turk	Read Replies (1) \| Respond to of 95453

Tulvio, from a research report prepared in early March, Some cash flow numbers on a per share basis were: Co. 1997e 1998e 1999e esv $2.80 $3.70 $5.05 flc 2.00 3.20 4.55 glm 1.88 3.85 5.20 rdc 2.35 3.80 5.40 slb 4.40 5.45 6.15 Forward price projections were based upon 10 times 1999 cash flow. Thus ESV, my favorite, has a projected value of $51. ESV FLC, GLM and RDC appear to have a lot of upside based upon projected cash flow.