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

To: pete meyer who wrote (2563)	3/10/1999 10:35:00 AM
From: Juli	Respond to of 3156

I was surprised to see the move to the Galleria area. The rent has to be much higher there than in West Houton where ABACF is currently located. I will check our their new offices when I go to the annual meeting. Jewel

To: pete meyer who wrote (2563)	3/10/1999 11:06:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 3156

Pete: Although the usual, and a few unusual, rumors of deals, developments, etc. still abound, I really think that today's news announcement and the noted agreement of the exchanges to postpone action are really only the result of the company prevailing upon the exchanges for a little leeway, due to the fact that it had to postpone the annual meeting to get out a proper Proxy Statement. I think it would be dangerous to try to read anything more definitive into the announcement than that. Steve P.S. I am afraid that the language that implies that even if the split is authorized by the stockholders, the Board might decide not to do it, is aimed more at downside protection than upside expectations - that is, IMHO that it is there so that in case the conditions at the time of the planned reverse split wouldn't be good enough to insure that the stock would stay above the minimum $1 requirement for both the required period and a reasonable time thereafter, they would just not do it and take the delisting. It is very expensive to actually implement the reverse (or a forward) split with considerable $$ going from the company to attorneys, Transfer Agents, Registrars, etc. That being said, it does also give them an out if a miracle happens and the stock gets itself over the $1 mark, but I really don't think that's what they are protecting against.