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

To: R F B, Jr. who wrote (3049)	6/28/1998 12:54:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 5504

Raymond, this is the best way, you add to that whatever your speculation of new finds might be as well as the cost of these finds (added shares?). Any outside acquirer will look at the reserves and say to itself, I am willing to invest money that will have an internal rate of return of 10%, what is the current value of what you have. The answer (as of 12/31/97) was $90 MM. Since oil was at about $14 to $16 then, and now it is averaging about $2 less, you need to further discount this. The current price premium assumes that they will discover at least a billion or more barrels there. What is the likelihood of such a find? Zeev