Ann: Malolos-1 Oil Analysis , page-32

They have released a statement regarding the share placement on the 31st of July:

"A shortfall of 59,880,000 shares remains from the SPP offer and the Company is seeking to place
those at $0.03 per share, being the same price offered under the SPP, to raise a further $1,796,400.
An announcement will be made when those shares have been placed with investors not requiring a
prospectus"

Obviously they haven't been 'placed" yet or they would have announced it. My guess (& it is a guess) is that Dennis is trying to do some sort of off-take deal to get the oil out of the ground. Patience guys. We know there's oil there. Just have to get it out of the ground & transport it. It'll happen.