Stakes are high here for the company.......GGX is a micro cap ($10 million market cap.)
These big Japan and Kuwait oil companies will have a huge task on their hands....(should they discover oil/gas) - to actually get it into production. Thus the focus will turn to mainland explortation, where GGX ownes the leases. No such problems on the mainland for marine/fishing issues.
Stong upside for the shareprice, should Japex have exploration success. Many Philppines news agencies are covering the story...so will will get drilling results maybe from middle of next week. ___________________________________________________________
Oil, gas exploration in Taon Strait starts this week Manila Times 12 November 2007 | 12:10 AM
CEBU CITY: Department of Energy (DOE) Secretary Angelo Reyes announced that the oil and gas exploration in Taon Strait between Cebu and Negros Oriental will begin on November 15, reported the Philippine News Agency on Friday.
In a forum at the University of San Carlos (USC) Wednesday, Reyes listed all the issues raised by environmentalists and academicians who want amendments on policies on exploration projects.
Dr. Ben Malayang, president of Siliman University in Dumaguete City, asked how the project will affect Taon Strait, a protected area.
Should we look at it as a protected area, or an energy development area to the extent that the two may not be harmonized, what is our priority valuation of Taon Strait? Dr. Malayang said in the forum.
He said the DOE presentation indicated that even at this pre-exploration stage, it is clear the seismic surveys will be difficult because there are so many fishing boats around.
So the question is: Should we compromise Taon Strait as a source of livelihood for small guys like those whose boats need to be pushed out of the way while they are doing the exploration, as against those who will benefit from the oil that may be derived from there? Malayang said.
With soaring oil prices that almost hit the $100-dollar-a-barrel mark, new sources of oil will be valuable, but most participants at the forum pointed to the need to distribute benefits fairly.
Among those who expressed concern over what will happen to Taon Strait during the exploration and oil drilling are Atty. Liza Osorio of the University of Cebu, Danilo B. Largo of USC and Dr. Hilconida Calumpong, Siliman University marine laboratory director.
Businessman Felix Taguiam of the Cebu Chamber of Commerce and Industry asked Reyes what measures the DOE will adopt to protect marine life, such as the dolphins that have become a top tourist attraction in the area.
Reyes agreed to form a multisectoral team to monitor the activities in Taon Strait during the exploration.
Although it is not required by law, we have to do it in response to the suggestions of some respected people, Reyes said.
Mayor Geraldine Yapha of Pinamungahan, Cebu and Mayor Cynthia Moreno and Vice-Mayor Caesar Augustus Moreno of Aloguinsan, Cebu said they are in favor of the oil exploration because of the taxes, employment and business opportunities it will bring once Japan Exploration and its partners start commercial operations.
But Vince Cinches of the Fisherfolks Development Center said they will file a petition for injunction to prevent the oil and gas exploration.
Cinches said the government has already decided in favor of the exploration without considering that about 2,100 to 4,000 fishers will be displaced, based on records from the Bureau of Fisheries and Aquatic Resources
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
(20min delay)
