Adjoining GGX exploration block on Cebu Island, Phillipines...Japan and Kuwait multinational oil companies suggest a commercial oil discovery (announcement via Cebu Government web site).....10 days ago.
No confirmation or comment from GGX as yet....previously they had flagged how important this exploration programme was to GGX future prospects.... (in regard to this block.) GGX is a $7 million company with $2.5 m cash (and also an early April 2008 drill forthcoming in New Zealand).
GGX are making enquires right now with the Dept of Energy Phillipines..... prior to an announcment and maybe a future farmout of a planned second half drill in Cebu.
Some more about their Cebu exploration lease:.......
"Exploration potential of service contract sc44
The island of Cebu is a northeast-southwest oriented fold, which was created in the geological process of plate movement during the last 55 million years.
Malolos was drilled on the surface expression of an anticline, which extends in separate culminations to the north and south. The area of the trend is indicative only of the surface expression of the anticlines, which are large scale folds identified by surface mapping and remote sensing data recognisable in the Miocene Barili limestones and clastics.
The surface fold of the Malolos anticline extends to the north and south where separate culminations can be recognised, opening up further potential accumulations. Nine (9) other leads have been recognised through surface mapping, remote sensing data and on the limited seismic coverage available in the licence.
After the initial focus on the Malolos discovery, Gas2Grid seeks to explore the potential of the licence at other locations. Of foremost interest is the Zaragosa No 1 well (now the Rosario Lead) , drilled in 1961 to a depth of approximately 1860 meters and which according to local eyewitnesses flared gas and produced some liquids."
Always the issue was difficult geology in Cebu.....now it would seem that Japan oil company (Japex)....who sought out a Kuwait company for this very reason, may have achieved hydrocarbon flow.
The info previously presented in other posts, is of high significance to a small company like GGX.
It is likely that there are large and extensive areas of condensate on the GGX exploration block.....this is multinational type production levels....investors just need to put 2 and 2 together, to see what enormous and immediate potential we may be sitting on here.
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
