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

To: SliderOnTheBlack who wrote (38912)	3/4/1999 1:49:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Noteworthy that Coflexip mentioned on Tues that Petrobras was refusing to honour US$ indexing clause in local supply contracts.They didn't mention the specifics of this but CLIXY is the first to go public with this. If I read between the lines right, my impression is that Brazil now is insisting in treating all its drilling contracts as if they were in local currency with no FX protection for the drillers etc. We may soon hear more about this with respect to other companies like FLC and PDE eg

To: SliderOnTheBlack who wrote (38912)	3/4/1999 1:52:00 PM
From: The Ox	Read Replies (3) \| Respond to of 95453

The last time we saw oil prices shoot up, you were the first to declare that the long awaited reversal was here. Unfortunately you were dead wrong, as oil immediately dropped back from $12.80 or so and fell back below $12 very quickly. After that reversal, many of the OS stocks made new lows. Not all, but many. Now, we have a couple day rally in oil prices partially fueled by Greenspan's comments and you are ready to say that all who are cautious short term are full of "negativity". So be it. Your rose coloured blinders are obvious. You should stay in your world of eternal optimism and I'll stay in my world of cautious reality. Let me ask you a simple question. Why would I invest in a sector if I didn't think that "Our day will come"???? Simple question with a simple answer.