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delboy007

3,215 Posts.

03/06/15

13:06

Post #: 15404237
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Originally posted by Starry001 ↑

Dear "me"

We are still working on raising funding to appraise and develop the Malolos oil field by way of attracting a funding partner by farmout. The oil price drop has made this task a little more difficult but in saying that we do have some companies assessing the opportunity. We will make an announcement the moment we have something secured.

Gas2Grid has good, conventional oil assets that require funding to appraise and develop. There are not many ASX listed companies at the small cap end of the market in this situation with good assets, which at the end of the day, are what is important.

The oil price sitting between $50-60/bbl has meant that the higher cost projects (offshore, deep-water and unconventional) generally are not able to be developed at a profit because the cost to discover, develop and operate is well above the current oil sale price. Conventional, onshore oil projects have a higher likelihood of profitability in the current oil price regime.

The Company situation is positive as Directors are funding the Company in the expectation that we will secure farmout funding and move the assets into oil production.

Best regards,

Dennis.

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SO NOTHING new then.
thanks starry,
wont bother calling then.
back in the bottom draw you go.

GLTA

GGX Price at posting: 0.7¢ Sentiment: Buy Disclosure: Held
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