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

To: 007 who wrote (20146)	4/23/1998 12:52:00 PM
From: Lucretius	Respond to of 95453

Yes! agreed 100%

To: 007 who wrote (20146)	4/23/1998 7:35:00 PM
From: Teddy	Respond to of 95453

NEWS snips from Offshore Data Teddy's Notes: There is not good reason why anyone would invest in this declining sector. To bring a smile to the shorts, here's a sample of the desperate attempts companies are making to stay in business U.S. GULF: Jackup ENSCO 69 completed a contract with Petsec Energy. The rig is now on location in Ship Shoal Block 326 for a one-well plus one-option contract with Walter Oil and Gas. Hey, letting our buddy Wally use a rig for one well is better than stacking it. U.S. GULF: Jackup ENSCO 95 is on location in South Pelto Block 16 undergoing a three to five day spud can inspection. The rig is expected to spud this weekend with Forcenergy. We don't have any work right now, so let's do a "spud can inspection." U.S. GULF: Jackup ENSCO 98 is scheduled to move April 24 from Galveston Block 301 to High Island Block A-274. The rig will undergo a three to five-day spud can inspection prior to starting a plug and abandon job with Coastal. Yeah, we better check the "spud cans" on all our idle rigs (wink wink). Then we can "plug and abandon" ... remember when we used to drill? U.S. GULF/NORTH SEA: Semi SANTA FE RIG 140's contract with BP Exploration is scheduled to end April 28. The rig will mobilize to the North Sea for a 50-day modification program. No work in the gulf, maybe if we move to the North Sea and spend two months upgrading the rig we might be able to get a one well contract.... then again, maybe not. U.S. GULF: Ardmore, Okla.,-based Samedan and another U.S. Gulf independent entered into a letter of intent with Noble Drilling for a five-year contract with semi NOBLE HOMER FERRINGTON. The rig is in TDI-Halter's Sabine Pass shipyard for a $140 million upgrade. The upgrades will include a water depth increase from 660 feet to 6,000 feet. The semi is expected to be delivered to Samedan's first drilling location in the second quarter of 2000. Samedan and the unidentified operator plan to structure their drilling schedules so that each company will utilize the rig equally over the five-year period. Upon mutual agreement, the companies have the option to extend their use of the rig beyond the proposed contract's initial five-year term. Yeah! A five year contract! Plus Options! That's the kind of stuff that attracts investors. Hey, who owns that rig? Oh yeah, NE. Wow! They are getting a lot of long term contracts lately. (No, Teddy is not biased) THAILAND: Thailand's Department of Mineral Resources opened the country's 17th Licensing Round, which includes 10 offshore blocks and 71 onshore parcels. The offshore acreage is in the Gulf of Thailand. Bids must be submitted by a May 26 deadline. This proves that Thailand is a third world nation: they don't even know that oil prices are so low that all exploration has stopped. UK: Elf Exploration UK expects awards for the UK's 18th Licensing Round in the North Sea to be made by August 1998. The 18th Round will focus on mature North Sea acreage, the Southern Gas Basin and parts of the Irish Sea. Duh, was anyone else stupid enough to bid on this? NORWAY: BP is finalizing the drilling of a long-reach water injection well from its Gyda installation. The well, targeting the Gyda South reservoir, is planned as a water injector although BP may convert it to a producer. The water injection project is scheduled for completion in May 1998. At least BP has realized that water is more expensive than oil. NORWAY: Statoil plans to spud another exploration well next spring on the deepwater Voring Plateau in the Norwegian Sea. One well next spring... we're saved! NIGERIA: The Statoil/BP joint venture plans to drill at least one exploration well in deepwater off Nigeria this fall. The well will be spud in Blocks 217 or 218, with drilling scheduled to begin in late September. The blocks are located 95 miles west of Statoil's supply base in Port Harcourt. R&B/Falcon semi M G HULME JR has been hired for the job. Wow, FLC is drilling one well next fall: i must buy that stock.