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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Shugarue who wrote (183)	6/8/1998 2:16:00 PM
From: briak	Read Replies (1) \| Respond to of 270

Nigerian leader General Sani Abacha is dead after having a heart attack. Briak.

To: Bill Shugarue who wrote (183)	6/11/1998 1:18:00 PM
From: Bill Shugarue	Read Replies (1) \| Respond to of 270

What To Expect During 1998................. The following information is based on information appearing in the Annual Report mailed to shareholders in early May, plus additional information obtained from the 1998 First Quarter Report. In Nigerian, all of the wells have been completed and await the arrival of the production facilities and construction of pipelines. When actual production starts on October 1st, the four wells will produce approx. 13,000 barrels of oil per day. By the end of 1998, Profco expects to have produced approx. 1 million barrels of oil. At that time, Profco will receive a cash payment of US $10 million from Canadian Occidential Petroleum Ltd. This works out to approx. 40 cents per share. The present value per share (based on a 15% discounted value) works out to $2.30 per share. This only covers 8% of the total land concession in Nigeria. Earlier reports from the whole area indicated several other very significant prospects than could contain between 500 million to 1 billion barrels of oil. Here are the important events which must occur before we see any major price change. First, the production facilities have to be completed and actually shipped to Nigeria. Next, the actual production has to start. Then, the magic number of 1 million barrels of oil has to be reached. Finally, we have to see an increase in the price of oil. The company expects to see annualized cash flow (based on WIT oil price of US $18 per barrel) of Cdn $19 million or $0.55 per share. For each US $1.00 change in the price of oil, cash flow is expected to change by Cdn $2.4 million. The Best is yet to come.