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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Scott Mc who wrote (4993)	4/22/1998 10:53:00 PM
From: Jim Hitchie	Respond to of 24918

Cubacan (CCX) rumour re reservoir on Cuban well: I called one of Fidel's girl friends in Nuevitas and she whispered in my ear that we will soon be hearing this rumour (after I promised to bring her some perfume next trip, of course)..... the estimate of the size of the reservoir for this first well to most likely be 50 BCF of gas and 6 million barrels of oil. At a netback of US$7 per barrel (CDN$10) that would give Cubacan a field worth $110 million or $2.80 per share undiscounted ....$1.40 per share discounted at 15%. On Block 17, seismic has identified 4 more structures similar to the one that has been drilled and 10 - 15 that are potentially as good. They have a number of similar structures to drill on their adjoining Block 16. Cubacan also holds 25% of MacDonald Oil..........MacDonald Oil holds Block 22, which is to the south of and ties on to CCX's two blocks. The structure on this block is said to be massive.......it will be drilled prior to September. This play has only started......should be a very rewarding stock play this year. Jim Hitchie The Cuban Investment Letter P.O. Box 30003, North Vancouver, B.C. V7H 2Y8 Tel: 604-929-9694 Fax: 604-929-3694 jhitchie@direct.ca US$50 (CDN$70) per year