Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (118)	4/22/1998 10:46:00 PM
From: Jim Hitchie	Read Replies (1) \| Respond to of 223

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.