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Gold/Mining/Energy : Transglobe Energy Cp -- Ignore unavailable to you. Want to Upgrade?

To: Donald Lickman who wrote (1379)	5/1/1998 8:45:00 PM
From: Shakush	Respond to of 2826

Lickman, re <Remember the most likely outcome in exploration is failure> TGLEF management has amply demonstrated the opposite is true in their case. I think they hit 5 out of 7 Meridian wells, or 71%, in 1997. James Bambrick's mastery of 3D seismic combined with Ross and Erwin's complementary skills played no small part. Compared with Meridian, even without the new 3D seismic, the S1 will be like shooting fish in a barrel for them. And that also doesn't take into account what VPI with their excellent track record will bring to the table. You're right that they will need to raise much more money than they ever have before. At the AGM, Ross said the S1 project would be commercial at 30M barrels reserves basis $17.00 bbl oil. Maybe David could clarify but I think he also mentioned that a 50% probability that the commercial threshold would be reached was already in hand. I'll bet Ross is planning to go to the market with 40 - 60M bbl.