Reference to the importance of drilling, adjoining their SC44...

Reference to the importance of drilling, adjoining their SC44 Cebu lease, was made in the annual report.

Finally that drilling is about to take place by a Japan and Kuwait oil and gas JV group.

GGX's SC 44 was granted in 2004......at which time SC46 was also allocated to a Japanese group, called Japex. Subsequently Japex undertook survey work...and have arranged a JV with a large Kuwait oil and gas company (Kufpec) to finally undertake a drill.

These are big players.

The good thing is, SC 44 iis 100% owned by GGX...... and its onshore, over 10,000m2.....success in this neighbours offshore well would have high significance for GGX.



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Japex to run Philippine tester

By Upstream staff


Japan Petroleum Exploration Company (Japex) said today it will start drilling a test well next month at Service Contract 46, off the Philippine islands of Negros and Cebu.

If Japex can extract a substantial amount of oil from the test-well by July 2008, it will begin exploration and development, a company official told Dow Jones.

Japex has a 65% operating-stake in SC46, with the remaining 35% stake held by Kuwait Foreign Petroleum Exploration Company (Kufpec).

Japex acquired exploration rights to the block from the Philippine government in 2004, and conducted seismic research in 2005.

05 October 2007 04:06 GMT | last updated: 05 October 2007 05:09 GMT


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