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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (27216)	8/6/1998 12:02:00 PM
From: VLAD	Read Replies (2) \| Respond to of 95453

For those following CDG: Just spoke to the CFO about current situation. All their rigs are now contracted out and except for a few days this quarter (which he believes will be filled), they will continue to be rented in Q3. Day rates continue to stay in the mid 20's. The lower day rates will actually increase business since some smaller companies can now afford to contract out rigs at the cheaper prices. First Call for Q3 is in the.90's and at present day rates they should be able to to meet estimates. The Venuezuelian article on rig contracts being dropped does not effect rigs. If the stock price continues to trade at these levels they will seriously consider a stock buy back because they are now building significant levels of cash.

To: The Ox who wrote (27216)	8/6/1998 12:30:00 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

Michael: Where do you see OPEC news coming in the next few weeks ? Today's news on July production... infoseek.com would indicate nothing much until after Labor Day. What I cant understand is how Iraq produced 2.38 bpd in July when their dilapidated oil infrastructure supposedly limited them to about a milllion less. They must be getting their repair stuff thru the black market. I cant see much help for this sector short-term from Asia, OPEC or La Nina. John