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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: andy harrison who wrote (710)	3/3/1999 3:49:00 PM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

Still no news. Two weeks ago Phil Ware said that the oral arguments had not been scheduled yet. Even after the oral presentations, the Appeals Court will probably take a month or perhaps two to reach any judgement. An adverse judgement will undoubtedly cause the stock price to drop below $1, but if they affirm the judgement handed down by the Administrative Court Judge, Mary Clark, the stock should go to new highs (above the $4.50 of April 1998). I say this because the judgement will be on top of the February 8, 1999 article in the Oil & Gas Journal. That article sounded like something issued by the Coastal PR Department (except that no PR Dept could issue such a positive statement without the danger of subsequent lawsuits if things didn't pan out.) The OGJ article suggested that "tens of billions of barrels" may be in place based on the seismic data. The prior comment from CCO issued in 1997 only said that there might be 2.19 billion barrels of oil at the St George Island site. Historically, the stock price has drifted down during quiet periods. I sense that the time frame is being compressed for just about all stocks. I have to admit that I am taken aback by how quickly the spike to $2 has dissipated in less than a month for CCO. Perhaps we can get more information in the next day or two, but I have no news at this time.