Self explanatory story here........confirmed in yesterdays report that this drilling is close to GGX.s Service Contract on Cebu Island. _______________________________________________
Tuesday, OCT 30, 2007
Exploratory drilling starts 11 November off the west coast of Cebu Oil exploration in west Cebu to start Nov. 11
By Eddie Barrita
CEBU CITY
The Department of Energy (DOE) and the Japan Petroleum Exploration Inc. (Japex) is set to start oil exploratory drillings in the Tanon Strait on November 11.
Results of the seismic survey conducted in July pointed to an area in the waters off the western coast of Cebu named “Ipil-Ipil” as a promising oil exploration drilling target.
However, Vince Cinches of the Fisherfolk Development Center Inc. questioned the awarding of an Environmental Compliance Certificate (ECC) to Japex by the Environmental Management Bureau (EMB) of the Department of Environment and Natural Resources.”
He also asked why the EMB refused to give the public a copy of the basis of the ECC.
The DOE got the ECC on March 6.
In a forum with various representatives of the non-government organizations, an EMB representative said it is their policy not to give out copies unless there is consent form the proponent of the ECC.
Senen Lazaro vice president of Supply Oil Services, a subcontractor of Japex assured that the drilling would cause no environmental hazards and “drill cuttings” taken from below sea level will be discharged offshore.
Japex will use the Mobile Offshore Drilling Unit Hakuryu V (pictured above left), a platform to be installed in marine waters in the towns of Aloguinsan and Pinamungahan for the drilling operation.
Lazaro assured that “drill cuttings” are harmless and non-toxic.
DOE and JAPEX officials showed a video presentation of their preparations for the oil drilling.
In case of an oil spill, DOE radiologist Andres Pangilinan Jr. said they have equipment such as oil booms, solvents, skimmers, dispersant sprayers ready to be used for such an occurrence. (PNA)
No wonder GGX say that success in this forthcoming drill will be of significance to their future prospects:
From their June quarterly report 2005-
In early 2005, Gas2Grid had undertaken an extensive analysis of the geology of the license combined seismic, well and remote sensing data to establish a prospect and lead inventory and provide preliminary estimates of the potential hydrocarbons-in-place. Gas2Grid relies to a large degree on the detailed analysis of a number of remote sensing data sets (radar, topography, geology) to define the structural configeration of the prospects and leads.
My words now -here is a summary of a handfull of structural leads (all within a number of kms from this Japex drill):
Barili-Malolos-Esperanza 16.9 kms2 150 BCF gas
Rosario 12.2 kms2 165 BCF gas
Saavedra 15.4 km2 210 BCF gas
Tulang 25.3 kms2 350 BCF gas
_______________________________________________ GGX boss David King presenting at a Government energy summit in the Phillippines last week.
Investments, exploration needed for energy independence 23/10/2007 | 01:07 AM
Email this | Email the Editor | Print | Digg this | Add to del.icio.us REPORT FROM BUSINESSWORLD
EXPLORATION COMPANIES and foreign investors are key to accelerating the implementation of the government’s plan to become self-sufficient in energy, speakers at an energy summit said Monday.
The self-sufficiency level is already at 57% by the reckoning of the Department of Energy, only a few points shy of the self-imposed goal of 60% by 2010.
Although the energy sector still demands stability in the economy and fewer regulatory bottlenecks, the environment for foreign direct investments is positive in the Philippines, said Vera Songwe, senior economist at the World Bank.
A World Bank study showed companies are worried over economic stability, corruption, high power rates, and regulatory policy, in that order, she said.
In a mining world risk survey, the country placed 26th on a list of 32, noted David King, chief executive and founder of Australia-listed Gas2Grid Ltd. "The common problems cited were sovereign risk, red tape and land claims," he said. "Even if these surveys are unreliable, they create perceptions," he said.
Both still agreed that the Philippines remains a viable foreign investment destination. Mr. King said the elements of competitiveness are present in the country. "One, you have demand of production; two, prospectivity; three, superior commercial terms; four, manageable risk; and five, oil and energy infrastructure are already present," he said.
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
(20min delay)
