proposed merger not proceeding, page-23

Good Oil

I know that DM has said that he thinks GGX's Phillipines and French assets particularly are good .. otherwise he wouldn't have bought into them ... but really even giving him due credit for his role in ESG (which was originally focussed on conventional O&G with some pretty ordinary prospects there as well) ... the assets CAN'T be THAT good or he would have been able to raise more than a very meagre $4 at the float .. even OIP raised a heap more than that .. and it still has half of it .. unlike GGX.

For GGX holders I sincerely hope that the Phillipines does eventually pay off over the next .. years. But my arguement has always been that OIP did not need to merge with GGX .. there are NO synergies other than management, and GGX needed OIP's cash rather than OIP needing GGX's assets. Too much of a boys club deal for my liking. And not on good commercial terms IMHO.

H