GGX management talking to Dept of Energy Phillipines.....DOE has the responsibility to first declare the drill in the Tanon Straight commercial. (rather than the JAPEX JV)......thats as I understand it.
Stakes are very high here...but just have to wait and see.
No offical word from management of what may be a successful Tanon Straigh drill........therefore worth remembering pnly a handful of GGX's 700 odd share holders may be aware of whats happening in Cebu...basically you need to be reading hotcopper. Potential high upside here;
JAPEX were fully aware of the geology here and undertook the drill with the Kuwait company for that reason.
A week or two back this was reported from JAPEX - after drilling ended.
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Mineo Konishita, president of Japex, told reporters that samples from the drilling were already being analyzed to determine if the oil under the strait was commercially viable.
Konishita said the analysis may take months. Japex would coordinate with energy officials in studying the samples, he said.
The Japex president said he was confident that there were oil and gas deposits of good quantities that may be tapped.
Shigehiro Moriya, Japex general manager, said he also believes that there was a big potential for commercially viable oil deposits under the Tañon Strait. But until the scientific analysis on samples is complete, nothing conclusive could be announced.
Moriya said the exploratory drilling reached its target depth of 3,200 meters on January 31.
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THURSDAY, MAY 26, 2005 | ENERGY
CEBU CITY, May 26 (PNA) - Tanon Strait, which divides Cebu and Negros Islands, is expected to yield about one billion barrels of oil under it, Energy Undersecretary Guillermo Balce said.
Out of this potential reserve, about 100 million barrels of oil can be recovered which would be enough to answer the country's needs for one year, he said.
The Department of Energy (DOE) has about 15 service contracts for oil and gas exploration activities in different parts of the country.
Among them were those conducted by the Japan Petroleum Exploration Co. Ltd. (Japex) and Forum Exploration Inc. in the Tanon Strait.
The exploration activity or seismic surveys in the Tanon Strait were completed last Sunday.
Another seismic survey will also be conducted in the strait between Bohol and Cebu, Balce revealed in recent a press conference at the Waterfront Hotel in Lahug, Cebu City.
He stressed that if the surveys confirm initial findings that there are oil and gas reserves of commercially viable quantities in the Tanon Strait, the whole country, especially Cebu, will benefit once the resources is tapped. ______________________________________________________
August 2005
ESCALANTE City, Negros Occidental – After completing a one-year exploration activity, two firms, the Japan Petroleum Exploration Co. Ltd (JAPEX) and a Canadian company Forum Exploration Inc. (FEI), are reportedly finalizing a 25-year contract to extract and produce oil from Tanon Strait. Tanon Strait is a narrow channel about 3 kms deep, 185-km long between Cebu and Negros in central Philippines. It is the extension of a major fishing ground with the Visayan seas in the north, and the Cebu Strait in the south.
The Department of Energy - Region 7 (DoE 7) revealed that Tanon Strait has huge deposits of oil and natural gas, estimated at one billion barrels, bigger than the Malampaya oil fields in Palawan. This corroborates earlier news releases from Cebu that oil and natural gas deposits were discovered by residents of the coastal city of Toledo and Alegria town along Tanon Strait.
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Wednesday, February 06, 2008 Oil drilling in Tañon Strait ends
AS they wait for results of the oil exploration at Tañon Strait, the mayors of the towns of Pinamungajan and Aloguinsan are hopeful there’s enough oil there.
Both municipalities are affected by the exploratory drill at the Tañon Strait by the Japan Petroleum Exploration Co. Ltd. (Japex).
Most affected are the towns’ fisherfolk, who were given assistance by Japex and the two municipalities.
While the fisherfolk are relieved that the exploration was over done, Mayors Geraldine Yapha of Pinamungajan and Cynthia Moreno of Aloguinsan hope the results will benefit their towns.
Hope for best
“We’ll just wait for the official announcement from the Department of Energy whether it’s positive or not. I just hope for the best,” Moreno said in a TV Patrol interview.
Yapha said she would just see the final result first before deciding how the town can move on after at least three months of oil exploration.
Both mayors believe that if there is oil in the Tañon Strait their municipalities will benefit from it.
If the exploration becomes successful, Yapha earlier said, it will boost the economy not just of Pinamungajan but the whole country as well.
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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