Last time they had a raising (at 6 cents).....share price ran up to 15 cents, as investors sought to get a part of a 6 cent SPP allocation.
David Munns suggested (to me).....no raising until after Kate.......why would you raise now when you have this:... (beside New Zealand.)
--------------------------- Following a visit to Australian Petroleum Production and Exploration Association (APPEA) Conference - Perth, 6-9 April 2008 by new boss Dennis Morton......look for news of a farm in partner for drilling of their Canning Basin block.
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See story here yesterday from Phillippines:
My comment......Maybe the concerns for fishing and the environment of the locals Phillppinies can be overcome by establishment of production facilities onshore.....ie on the actual GGX block (GGX offshore leases adjoin the current drill site)........note the extent of the off shore survey 750 km - ended up close to the mainland.
http://www.cbcpnews.com/?q=node/1969
Fisherfolks to rally against oil exploration in Tañon Strait
CEBU CITY, April 15, 2008—“Fish catch among fisherfolks in Aloguinsan town some 80 kilometers southwest of this city, is dangerously at its lowest level,” says Victor Paña, a Church-based worker engaged in helping marginalized communities in archdiocese.
Years ago, fishermen used to catch some ten kilos of fish a day amounting to more than a thousand pesos, but today fishermen would only manage to catch three kilos of fish or even less, Pana said.
The situation could go worse once the Japan Petroleum Exploration will become operational in Aloguinsan, a fourth class municipality with 24,100 population, said Pana.
The project is a multi-million dollar oil exploration which covers 2,850 square kilometers offshore of Tañon Strait that will directly affect 13 barangays of Aloguinsan and Pinamungahan in Cebu, as well as 14 towns and cities in Negros Oriental and four towns in Negros Occidental.
Almost three years ago, in May 2005, JAPEX conducted a 751-kilometer multi-channel sub-bottom profiling survey using M/S Veritas Searcher with two chase boats that carried a 3.5 kilometer cable. The survey held on 24-hour basis was meant to confirm the potential of Tañon Strait estimated to yield one billion barrels of oil with a projected recovery rate of 100 million barrels.
Fr. Anthony Salas, SVD reported that on April 8, 2008, the Association of Major Religious Superiors of Men and Women of the Philippines’ Cebu Chapter visited Moaboal town, 89 kilometers southwest of this city, and met with the local community leaders to listen and document their concerns.
The leaders expressed that the project which is initiated by the national government would result to the total destruction of fish sanctuary, disturb and displace the dolphins and other fish species thriving in the area.
The Tañon Strait, the prime target of the exploration, may be affected by oil spill in case the project becomes fully operational. Besides, the income expected from the project, would only enrich the multinational companies and some government officials. Local residents say it is ironic that the government has allowed an oil exploration in these areas that have been declared a protected area by Presidential Proclamation No. 1234 in 1998. It hosts 11 of the 24 marine mammals found in the Philippines. (Fr. Joseph Suson, SVD)
--------------------------------------------- Gets even better.......Australian company Otto Energy will drill on the other side of the GGX mainland leases (Otto obviously like the location-just a few kms from GGX mainland block to the east....see story, at bottom.
JAPEX spent $US400,000 per day......probably Otto will incurr costs on the same same scale. Why would Otto bother...or for that matter JAPEX, when costs/environmental issues are MUCH more acceptable, on shore....... The whole of GGX is just sitting there at a cap of $8 million.
#(Maybe getting a bit carried away....well read what JAPEX said about the mainland prospects .......
#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.
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Otto Energy to drill 10 wells over 4 years
By Abigail L. Ho Philippine Daily Inquirer First Posted 01:45:00 04/03/2008
Most Read Other Most Read Stories x Business Ayala Land targets non-US-based Filipinos Preparing for retirement in the Philippines Philippines no longer economic laggard of SE Asia -- ADB Bernanke: US recession possible, growth will rebound To me ‘no rice’ Otto Energy to drill 10 wells over 4 years ATI unit to manage Batangas Port II ICTSI unit starts running container terminal in Subic ADB sees Philippine growth at 6%, will lend $750M US stocks inch up as bargains are found among banks Oil up more than $1 on US fuel inventory draw Vista Land profit up 138% in 2007 Business Most Read RSS Close this Australian firm Otto Energy Ltd. plans to drill up to 10 exploration wells in its offshore contract areas in Palawan province and East Visayan Basin over the next four years, according to its disclosure to the Australian Stock Exchange.
The company said it was preparing a geomicrobial survey— a search for trace hydrocarbons—of the East Visayan Basin under Service Contract 51 in preparation for drilling.
Otto Energy is looking for partners to join it in SC 51 and SC 55 to help fund the exploration program.
Otto Energy chief executive Alex Parks said, “Last year, Otto acquired modern seismic data sets over its Philippines acreage to reduce exploration risk and to demonstrate the prospectivity of the area to potential farm-in partners. In combination with the right partners, we intend to commit to a multi-well program commencing this year to unlock the significant potential within our Philippines assets.”
e.
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
