up 20.7percent today, page-7

Thanks Needle. According to the last paragraph below Japex will report Tanon results by July .... also looks like NorAsian (OEL) will have its work cut out getting approvals for its planned offshore drill in the area ...imo
Nice price action today also ....
SALTY

04/22/2008 | 08:56 AM
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MANILA, Philippines - Residents in a Cebu town lamented the local government officials' endorsement of a multimillion-peso oil and natural gas exploration project in Argao town, amid stiff opposition from townsfolk and environmentalists.

An article posted on the Catholic Bishops Conference of the Philippines (CBCP) website reported that concerned citizens were dismayed by local government officials' move to favor the exploration project.

"Local government officials' endorsement of a multi-million peso oil and natural gas project has continued to haunt concerned citizens and environmentalists who have earlier manifested strong opposition to the project being undertaken by NorAsian Energy Ltd, particularly in Argao town, a second class municipality with over 60,000 residents," the article stated.

It said NorAsian Energy Ltd., an Australian company, conducted a seismic survey at the Cebu Strait, between Cebu and Bohol provinces last year. The survey hopes to confirm earlier studies on the availability of oil and natural gas in an area near Argao town.

For its part, the Department of Energy said drilling operations will be done from nine to 12 months, and will likely be completed by 2009.

The CBCP noted Argao Mayor Edsel Galeos remains optimistic of the results from the ongoing drilling operations within Cebu Strait.

"The project will be a big boost to the economic life of the town should the results be favorable," Galeos was quoted as saying in the article.

Galeos said he expected opposition to the project, saying this was why he decided to launch a massive information campaign along with public hearings.

On the other hand, Department of Environment and Natural Resources (DENR) Regional Executive Director Leonardo Sibbaluca downplayed fears expressed by local residents.

Sibbaluca said the drilling and exploration studies will not harm the rich marine life in the area. Rather it will benefit the towns of Aloguinsan and Pinamungahan, he said.

DENR expects results about the exploration activities this year. Regional Energy Director Antonio Labios said Japan Petroleum Exploration Company (JAPEX) will submit its report by July this year.