A few facts to consider for the extra 10%1.Midrange recoverable...

A few facts to consider for the extra 10%

1.Midrange recoverable oil 115mmbbls (Edison's independent estimate).At 10% would just about double our reserves. Now remember what happened to the share price last time we doubled the reserves. Not saying it will not go up this time, but by how much is my concern. Galoc II and share price ?

2.For an extra 10% or 12mmbbls will only cost US$2m

3.SC63 is big and blue sky country. Now if there is a discovery at Baragatan, it will cost a lot more than US$2m for a subsequent re-entry. nb This well is targeted at oil (Pagasa Sands analogous to Galoc). The southern section could be a tie-in with SC55 gas at a later date (Aboabo AX-1 already flowed 50mmcf/d. If my memory serves me right it is also wet gas).

4.The effect it will have on financing collateral, not just to develop Baragatan, but West Linapacan, etc,etc.

This is why we are here punters.