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Gold/Mining/Energy : Indo-Pacific Energy Ltd. (INDX) -- Ignore unavailable to you. Want to Upgrade?

To: Terry Lyon who wrote (801)	9/22/1998 8:02:00 PM
From: Donald Lickman	Read Replies (1) \| Respond to of 866

TL, Merrill Lynch quoted "Australia, and in paticular the Greater North West Shelf (Timor Sea) area under-explored and highly perspective. This has attracted considerable international interest to the sector. Continuing exploration success should increase corporate interest in the companies involved in this area." INDX holds a 65% interest in block AC/P 19 (650,000 acres). It is recognized as a key block in the NW Shelf. If you remember INDX announced that immediatly outside the block Cultus hit the Tenacous-1 well which tested at 7500 bbls per day. Since then several follow up wells have achieved simaler results and staked up some big reserves. In INDX's block numerous prospects have been identified on seismic including prospects in the same formation as the Tenacous success. The exploration success rate is around 30% in the area. I'll bet INDX gets a major to drill and carry them very soon. We have seen over the last couple of days what smaller discoveries in New Zealand has done to INDX. With 10 or so big projects in the region, a proven exploration team, I'm in for the long term. I bought more when in dipped a few days ago which has brought my average down dramatically to about where its trading. Good luck