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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: art slott who wrote (4332)	4/1/1999 4:01:00 PM
From: Robert Sanders	Respond to of 5504

HEC's 10K Filed with SEC HEC filed their 10K yesterday with the SEC. It is informative, but dense. What I gather from initial scanning of it is that they will be concentrating Columbian operations in the Bolivar block this year and are seeking to have it declared commercial. This decision should come down from the Columbian government within the first half of the year. Also, sounds like the Alcaravan/Miradores area, where they've already constructed a pipeline, wasn't as large as earlier expected because one of the wells encountered water after extensive production tests. Back to Bolivar, no water there. They have been trucking oil from that site and are seeking debt financing to build production facilities, a few more wells and a five mile pipeline. This apparantly is where the action will be this year. Lastly, sounds like they will continue to look for domestic acquisitions and start exploring the Costa Rica contract. Cash is $123 million, with $85 million owing to European Bonds in 2003. I'm interested in other peoples opinion of this document. It's at the SEC Edgar site. Bob