Excellant link here which sums up risk and discusses previous success for oil and gas exploration in the Canterbury basin. Strongly positive, most informative article. (thats where GGX are drilling0
In recent years, pre drilling seismic studies much improve the chances of success.
Drill site in next to a new recycling plant (easy to visit).....good public road access from the drill site to , where drummed oil would be put on a ship to the Auckland oil refinery.
_______________________________________________ Some more on the seismic work done for this forthcoming drill;
DOE expects one billion barrels of oil under Tanon strait THURSDAY, MAY 26, 2005 | ENERGY
CEBU CITY, May 26 (PNA) - Tanon Strait, which divides Cebu and Negros Islands, is expected to yield about one billion barrels of oil under it, Energy Undersecretary Guillermo Balce said.
Out of this potential reserve, about 100 million barrels of oil can be recovered which would be enough to answer the country's needs for one year, he said.
The Department of Energy (DOE) has about 15 service contracts for oil and gas exploration activities in different parts of the country.
Among them were those conducted by the Japan Petroleum Exploration Co. Ltd. (Japex) and Forum Exploration Inc. in the Tanon Strait.
The exploration activity or seismic surveys in the Tanon Strait were completed last Sunday.
Another seismic survey will also be conducted in the strait between Bohol and Cebu, Balce revealed in recent a press conference at the Waterfront Hotel in Lahug, Cebu City.
He stressed that if the surveys confirm initial findings that there are oil and gas reserves of commercially viable quantities in the Tanon Strait, the whole country, especially Cebu, will benefit once the resources is tapped.
However, the DOE will have to rely on private investment to tap the country's oil and gas reserves.
Balce said one oil drill hole alone would need an investment of 10 million US dollars and the government does not have the funds for such project.
This is the reason that the seismic surveys in the Tanon Strait were conducted, through service contracts, with Japex and Forum, he added.
Japex and Forum have a seven-year contract with the national government to conduct exploration activities and interpret data from seismic surveys.
Japex sets aside about six-million US dollars while Forum allotted three-million US dollars merely for the exploration projects. _______________________
Even if they discover oil.....Japex will have their hands full to get it into production. No such problems with land based oil production......
See plan...drilling in sea, just west of GGX lease.
http://www.gas2grid.com/g2gprospectus.pdf
Environmentalist: Tanon Strait drilling threatens marine lifeFiled from Singapore 10/9/2007 10:10:50 AM GMT
PHILIPPINES: Japex's drilling activities in SC46 from mid-November of this year through early next year could affect the mating of whales and dolphins in the Tanon Strait off Philippines, an environmentalist warned.
Japex is about to drill an exploration well in up to 200 metres (656 ft) of water offshore the Negros and Cebu islands after the arrival of Japan Drilling semi Hakuryo V, now scheduled for mid-November. The drilling campaign had been granted an environmental compliance certificate and conditional support from the local governors, but has been met with resistance from environmentalists.
The timing of the drilling coincides with the mating season in Tanon Strait, which is home to 11 of the 24 marine mammals found in Philippine waters, including dolphins and whales, Dr. Lemnuel Aragones, associate professor of the University of the Philippines Institute of Environmental Science and Meteorology, told local media. Dolphins and whales are endowed with very delicate sense of hearing, he argued, and their sexual behaviors could be badly affected by the loud blasts from exploration activities conducted in the area.
The presence of dolphins and whales in the Tanon Strait reflect a very productive region for marine life. If the two mammal populations are gone, this could also mean the fish are also gone from the region, Aragones explained. All these will not bear well for the supply of food sources from Tanon Strait, he said, which now supports 45 cities and municipalities in Negros Oriental, Negros Occidental and Cebu.
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
(20min delay)
