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

To: andy harrison who wrote (776)	4/24/1999 2:56:00 PM
From: Edwin S. Fujinaka	Read Replies (2) \| Respond to of 4686

When I talked to Gady Epstein of the Tampa Tribune a couple of years ago, I think He really thought there was little chance of any oil being under CCO's leases. In that context, it was not surprising that He would view the CCO shareholders as being a collection of nut cases. The dominant argument at the time was that the Company was only looking for "greenmail", a payoff to not drill where there wasn't any oil anyway. You'll notice that the greenmail argument has all but disappeared. I actually wish that Gady was still around. I think I could sell him on my middle ground deal of an open ended no drill deal that the State could buy from CCO with an initial $0.5 Billion payment that would eventually be paid back to the State out of oil revenues whenever the State decided that they wanted the money back. Of course, any "bet" like that would require that the State obtain an independent appraisal of the actual oil prospects. The past rumor was that the State actually did some sort of appraisal many years ago and wound up with something like $800 Million. I would like to see an update of that appraisal. Perhaps it won't come up to my number of $100 Billion <G>, but if not $100 Billion, what other number is appropriate?