Hi, Paul.

PE> I do not appear to have received a sell contract for LKO.  Could you send m
PE> one?  It happened sometime between 24/12/96 and 10/1/97, as I have buy
PE> contracts on both of those dates (which I recorded in my log), and I believ
PE> I only did that last buy because I had succeeded in selling.  I think I sol
PE> 75000.

Correct. On 6/1/97 you sold 75/- LKO {at} 7. As I mentioned voice, I mailed
you a duplicate yesterday.

I'm thinking of selling some more at 4c (and attempting to buy them
PE> again at 3.5c).

Lakes reported hydrocarbons from one of their wells at Lakes Entrance
on, um, Wednesday night. The announcement was brief and technical, and
it might be a little while before it is analysed by mining analysts and
digested by the market.

However, when they do they will realise that they actually have
economic production quantities of oil. Not much, probably 100 bpd and it
won't flow it'll have to be pumped. However, it also suggests that they
will be able to drill another say 10 wells in that field, for 1000 bpd,
which would be a nice little cash flow of say $140,000/week, enough to
finance their other exploration without having to go to the market for
more cash.

In other words, it's good.

The market response will probably mean that you can sell for somewhat
more than 4, at least 4.5 IMHO. If nothing else is reported in the
following weeks/months, they may drift back and you can buy back in
again at lower prices.

Let me know what you want to do.

Regards, fIM.

 * * Skeptics are seldom deceived.
@EOT:

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