New influx of interested investors in this stock.....I note surprisingly, Phillippines potential does not get a mention, on postings.
Here is a copy of a post from early February, 2008. The Feb post provides a summary of the situation over there.
Right down the bottom....NOTE: I certainly was of the view, that GGX would become a favourite because of the Phillippines situation. Turns out its a popular thread, but not because of the sitution in the Phillippines.
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Clear evidence of a very likely greenfield oil discovery......adjoining GGX oil/gas exploration in the Philippines, by multnational oil companies. They spent $20 million on the 3 month drill (as follows)
_______________________________________________________ MANILA, Philippines--Japan Petroleum Exploration Co. Ltd. (Japex), operator of Service Contract 46, will drill this month the first exploratory well within its contract area covering the Tañon Strait in Central Visayas, Energy Secretary Angelo Reyes said.
Japex, with partner Kuwait Foreign Petroleum Exploration Co. (Kufpec), will drill the exploratory well to determine the quality of the oil and gas deposits in the area, Reyes said. __________________________________________________________
GGX is a $7 million company.......what would there block be worth now $20...$30....$40 million.
Look what Japex said here about Cebu Island ......ie the GGX block.
Petroleum System of Tanon Strait, Visayan Basin, Philippines
Yasushi Hamada1, Yutaka Tanaka1, Osamu Takano2, and Shinji Ijima3. (1) JAPEX, Tokyo, Japan, [email protected], (2) Research Division for Exploration, JAPEX Research Center, Japan Petroleum Exploration, 1-2-1, Hamada, Mihama-ku, Chiba, 261-0025, Japan, (3) JAPEX, Japan
Tanon Strait is located Central Philippines and still in the frontier exploration stage. JAPEX has carried out satellite image analysis, fieldwork, sample analyses, sequence stratigraphic study, reprocessing geophysical data and 750km of new 2D seismic data acquisition since 2002. The exploration effort resulted in the confirmation of hydrocarbon potential of the area as well as the delineation of numerous prospects and leads. The key components of the petroleum system are as follows. Source Rock: Coal & coaly shale layers are identified in Upper Oligocene to Lower Miocene deposits on the surface of Cebu Island. H.I. values exceed 200mgHC/gTOC in coal samples. The same layers are deemed to extend into the central Tanon Strait. Reservoirs: Multiple layers of sandstone are expected in Upper Oligocene to Upper Miocene deposits. Middle to Upper Miocene limestone reef build-ups are also expected from seismic sections. Trap: Anticlinal and reefal traps are expected. In addition, Several AVO anomalies suggest sandstone stratigraphic trap. Oil Seepage: Satellite image analysis confirmed numerous slicks on the sea; therefore, oil samples were taken and analyzed. It became clear that the origin of the oils were terrestrial organic matter. Hydrocarbon Migration: Seismic facies of Upper Oligocene to Lower Miocene in the central Tanon strait suggest distribution of thick coal measures. It is inferred that hydrocarbons were generated and expelled, and migrated into surrounding traps after Pliocene time. This paper proposes a new exploration model within the block which was recently devised based on the above components. ___________________________________________________________
Comments previously posted here from the President and General Manager of Japex who flew to Cebu for a Cebu Government meetings....four days after the drill was completed.
------- 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.
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This stock will be a chat line favourite one day...
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
