ipil ipil 1 daily drilling report sc46, page-16

having waited so long....find it strange that any investors would be selling now.

Japex have given no indication whatsoever of success or otherwise....from their current drilling program adjoining GGX leases in Cebu Island.

The only hint of possible success from Japex came in a daily report a couple of weeks ago - when they advised that flow testing was taken flowing a drill stem test. Sure enought the next days drill report, just said.....they were continuing to drill ahead. (no results from the flow test were presented).

Still needs to be watched closely.....GGX have spoken to Japex prior to the commencement of drilling in the Tanon Straight offering a deal on the mainland, should the Japan based company choose. To put it into perspective....the current drilling program by Japex (probably about $20 million worth)....is twice the market cap of GGX.

Lets see what happens in Cebu first.....before the NZ drill and some other initatives from the company.