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Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$ -- Ignore unavailable to you. Want to Upgrade?

To: Arktic who wrote (2503)	2/20/1999 10:17:00 PM
From: June	Read Replies (3) \| Respond to of 3156

There is a Form SC 13D for ABACAN RESOURCE CORP filed on Feb 12 1999 by State Street Research & Management Company. I find this to be interesting: Attachment C to Schedule 13D Note: Confidential Portions denoted with "[]" been omitted and filed separately with the Commission. February 2, 1999 Tim Stephens President and CEO Abacan Resources Group 14811 St. Mary's Lane #140 Houston, Texas 77079 Dear Mr. Stephens, Pursuant to our meeting in Boston last week, we are prepared to purchase $1.5MM of additional securities of Abacan under the following conditions: 1. A standstill agreement from CSFB on interest and principal payments until y/e 1999. 2. Satisfactory resolution of the large creditors via disbursement of insurance proceeds and signed relinquishment of trade debt. 3. Reconstituted board with two outside directors (Kishpaugh & Rutherford), yourself, Tunde Folawiyo and either Wade Cherwayko or Jim Harvie. 4. [] 5. Freely tradeable stock within 6 months. 6. Another $1.5MM of funds raised from other entities. It is also our understanding that the following items are among the company's highest priority goals over the year term. 1. To get monthly cash expense down below $250,000. 2. To open a bid room for [] no later than [] with bids accepted no later than []. 3. To have a signed PPA on [] no later than [*]. 4. To reflect any bids for the company to the BOD. Our investment is also subject to the negotiation of satisfactory documentation customary for transactions of this type. Respectfully, Daniel J. Rice, III Senior Vice President State Street Research