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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: RSkarsten who wrote (1229)	1/9/1999 2:35:00 PM
From: grayhairs	Read Replies (1) \| Respond to of 15703

Hi Russ, Their drilling curve to 12,000 feet has been most impressive. I'm sure that they have pulled out all the stops here. Best Nabors rig available. The best toolpush they have. All their top crews, etc. Nonetheless, we have to remember that in terms of drilling times, the first 1,000 feet is always the fastest and the last 1,000 feet is the slowest. Even if they make 200 feet a day from here on they're about 30 days from the zone. That also assumes that the surface cementing will be successful next week, and that they have no problems on this redrill. And, remember that they spent about 50 days just running the production liner and cementing it on the previous well so... I know there are arguments to say that that should not happen on this well but "chit happens" which is the only point I want to make. While progress to date is absolutely excellent, a lot remains to be accomplished here. I think it's a real hurry up and wait situation. Hurry up and get the blowout under control. Then wait 3 months for the first meaningful info on reserve size. Of course there will be speculation spikes in share prices over the next while, but a meaningful price move that holds is at least a few months in the future, IMHOO BWDIK. Later, grayhairs