This is the service contract that adjoins our leases in Southern...

This is the service contract that adjoins our leases in Southern Cebu. I think they will contract GGX to drill more wells, but not much point until we see how the screens work in our forthcoming drill.

As mentioned before, the situation whereby GGX and this other China backed company will pay no tax, royalties or profit sharing until costs are recovered - is a big plus here. I looked up GGX most recent financial report.....it seems they are carrying losses of $40m, although nother figure of about $20m is mentioned as claimable tax loses. Anybody else like to check on this important point.

Note the gas sales that also may extra value for our company here.

http://www.manilastandard.net/busin...erest-in-buying-crude-from-cebu-oilfield.html