According to Japex .... the results of the 'study' into their Ipil Ipil-1 would be completed "late March or Early April" .... so cant be far away however without DSTs to analyse the drill may have provided more questions than answers.
Not sure where NorAsian will get $45~50m to drill SC51 but all good news for GGX if they do get a farminee and get drilling early next year ....imo.
Turns out that NorAsian has already secured a number of partners to drill....(in the sea to the east) adjoining GGX's Cebu block - at the end of the year. There are a number of drills planned.
As was the case with the Tanon Straight (west)and Japex...there are environmental issues........whereas GGX own Cebu Island mainland .....(which seperates both offshore areas - and are the subject of the current flurry of exploration activity.)
NorAsian and their partners are to drill just off the coastline adjoining Argao (so the story says).
Gov. Garcia allays fears on new oil exploration Cebu Governor Gwendolyn Garcia has assured Cebuanos that she will continue to be vigilant in safeguarding the environment with the coming oil and gas exploration of NorAsian Energy Ltd in the province.
Garcia allayed fears among Cebuanos of the new exploration, saying it has good prospects and is very encouraging.
She said the local government units concerned have been very supportive of the project as it will benefit the Cebuanos and the entire country.
Department of Energy regional director Antonio Labios said the exploration company has committed to drill an exploratory well either by the end of December or in January next year.
NorAsian, along with partner Service Contract 51, which composed of TransAsia Oil and Energy Development Corp., Alcorn Gold Resources, PetroEnergy Resources and Vital Resources Corp. of Canada, plans to drill a well at a cost between $6 million and $8 million.
The exploration areas are the 2,040 square kilometers between Bohol and Cebu, which comprises the South Block, and the 2,400 square kilometers in northwestern Leyte tagged as the North Block.
In Cebu, the exploration will include the Sibonga-Argao area.
Service Contract 51 covers the East Visayan basin with a total acreage for oil and gas exploration of 444,000 hectares.
NorAsian officials had earlier said the area has recoverable reserves of five million to six million barrels.
They added that initial studies show that the East Visayan Basin “has moderate risks with matured prospects, with high to very high recoverable reserves.”
Source: Mitchelle L. Palaubsanon/LPM, THE FREEMAN /topic/argao-cebu?cat=travel
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
