The article you posted on the Caspian Basin potential I found to be very interesting and pertinent to PKD. While I have been following this thread for a couple of months and have a minor position in this company I have rarely seen any reference made to PKD's role in the Caspian. While the cover of the 1998 annual report is titled "Fishing The Caspian". Five years ago PKD assumed the role as the first western drilling contractor in the Caspian Basin, which is deemed to be one of the last real frontiers in the search for energy and quite possibly some of the world's largest deposits of oil and natural gas. While currently Parker may be suffering financially from the woes of the oil sector and to a small degree management difficulties their pioneering efforts in the Caspian Basin are to be admired. The technical, logistical, financial and political implications involved in this endeavor are incomprehensible to a layman such as myself. As mentioned in the article you posted it talks about PKD's association in the Tengiz Field of Kazakhstan and their involvement with many major players (big oil) who are involved in this project. In the Tengiz field they are primarily involved with Chevron and its Tengizchevroil partners, also mentioned was the -OKIOC-. Parker is providing the world's largest posted barge rig for the consortium's historical entry into Caspian waters. It states that industry observers will be closely watching this first-of-a-kind offshore drilling project. The area with possibly the largest reserves is Kazahstan, and that's where Parker has established its regional base. A first of its kind artic-class barge rig is expected to begin operations in early summer. Parker has led other western drillers in establishing operations and improving logistics management in the Caspian Basin. Long-term potential in this region could be enormous. With sustained crude prices and success in this region Parker could emerge as true leader as well as a sought after and pivotal driller. I am certain many believe Parker to be way out of there league on this one as they traditionally have been a land based driller. It's obviously risky but as a driller their going to be compensated for their efforts dry hole or not. No balls no glory. Which should ultimately lead to a healthy bottom line that would benefit all. I personally wish them success and look forward to seeing the results. There seems to be a great deal of concern over the number of "coldstacked" rigs, primarily domestics, rusting away right now but I think the ultimate savior could possibly be the Caspian operations. While I am a Hoosier I'm betting on the Okies in the long haul. I have inserted a hyperlink to Alexander's Oil & Gas with a couple of interesting articles. However, when you open the website it does not present the specific articles. You have to look under speeches and the on the left side hilight the pertinent articles. A newly added one titled - Caspian Oil & Gas : Shedding Illusions by Prof. Thomas Waelde is insightful and then a little lower on the list is on titled - The Legal Status of the Caspian Sea : A Card in the new 'Great Game'.
I am new to PKD and bought in after the annual report came out, so I am still learning about PKD's operations. Since I started monotoring this board, I hadn't seen anything about PKD in the Caspian and didn't know if it had been discussed previously. I have recently purchased several energy companies and need to get the annual reports for 1998 for them. I agree getting a leg up in the Caspian region could certainly pay off big time for PKD. FWIW-You don't have to get your stock from Vancouver to play the coal bed methane theme. US listed stocks I own involved in CBM are EVER, DVD/PZE, PENG, PN, and PGEI. Everyone please run out and buy them..<g>
I honestly think that several of us are holding our breath, as it were, concerning PKD operations in the Caspian. Robt Parker pretty well summed it up when he allowed as how it was a real guessing game as to whether it was going to be a hit or miss. Also, FWIW, PKD has lots of experience in barge operations and shallow water drilling. Acquisition of Mallard will help matters out in the future. Barge drilling for PKD is not a new step, by any stretch of the imagination.
I too would like to put forth a couple of Coal Seam Gas and Tight Sands operations: WTU (Williams Coal Seam Gas), and DOM (Dominion Black Warrier Trust). These are both "blue chip" royalty trusts, paying a handsome royalty (dividend). Like you, I hope to see all PKD investors, go right out and drive the price of these two stocks, sky high. Pardon my spamming of a spam, but this was one of my weaker moments. T34 B