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

To: igor who wrote (167)	6/16/1998 10:40:00 PM
From: Jim Hitchie	Read Replies (1) \| Respond to of 223

One of the main reasons that hard currency is scarce in Cuba is because the Cuban government is paying market prices to import approximately 100,000 to 1110,000 bbls of oil per day. Production in Cuba is about 30,000 bbls/day and consumption (even in a slow economy) is over 130,000 bbbls/day. Some of this imported oil is covered by sugar barter deals, but the majority of it is paid for in cold, hard cash. So CCX will get West Texas price per bbl as mentioned in their Annual Report and as they have received for their share of production from the Cristales field in Cuba.