ABC - Abacan Resources, Nigerian Oil $$$ Message Board

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To: W. Thompson who wrote (1025)	4/14/1998 2:17:00 PM
From: Oil man	Read Replies (1) of 3156

I think Abacan's idea of debt restructuring is going to Schlumberger and Total and laying out how bleak their situation is in the hopes that Schlumberger and Total will take X cents on the dollar. It's a tricky game in that Abacan has to paint a bleak picture, but not too bleak, lest they alarm S & T to force bankruptcy on Abacan. The fact that production is still "hovering" around 20k/day and not at least 22k/day is disturbing. If production is going to be stuck at 20k/day, they're better off not drilling any more holes in Ima and saving their precious little money. The good thing about Ima #11 is that it will largely be paid for by insurance proceeds. If the X-zone doesn't pan out, then they'd better get someone to JV with on the Benin Basin properties and fast.