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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (3024)	6/16/1998 12:51:00 PM
From: oilstks	Read Replies (2) \| Respond to of 5504

ED , I attended the meeting yesterday . I was very impressed with the presentation and Mikel . The tone of the meeting was very positive after the presentation , but questions from the floor were very tough and they voiced all the complaints (from A-Z). Mikel answered them in an honest and confident manner ,he left little doubt that they were onto something big in Colombia(he did not explicitly say this but it was obvious by what he said that that was the message) He played down the political risk and said he would be comfortable with either of the run off candidates . He also said that Colombia had one of the highest credit ratings in Latin America ,higher than Mexico,Brazil or Argentina. They have never had a single incidence of nationalization of energy company assets. He said Harken has never had a single "political risk " problem in Colombia. "All such risks are insurable " and "Harken Has coverages . He fully explained Harkens game plan of using safe US asset to provide the cash flow for the very high risk plays in Columbia. He said they were very confident that the need for additional dilutive financing would be ending soon . The chart of cash flows showed that in 97 ,for the first time cash flow is starting to come from Colombia. This trend should accelerate in 99 as more wells are put into production. He also stated that they would be acquiring more contracts in Colombia. All in all it was a very forthright and positive meeting . I told Mikel they should have video taped the meeting for those who could not attend. Unfortunately many things are conveyed by body language and smiles , this does not show up in printed transcripts. I hope this info helps . He was hit very hard about the mis-worded news release ,he apologized and was clearly embarrassed that this happened. I also got a commitment from him to improve the sorry web site . TOM