the agm

I attended the AGM last Thursday and left the meeting very impressed.
On NZ unfortunately Max as you may have read we are going to have to wait for Feb/March for the NZ drill. I had no idea of the cost of getting the drill rig to the site in NZ the original qte was for 1 mil. I nearly fell off my chair thats without the bit even touching the dirt. They have the price reduced now but no wounder they are seeking this rig in particular. As was said by somebody here previously huge logistical job just getting the rig to site.
NZ is going to be very exciting guys and the support and interest from NZ people has been big, the under ground structures are hard to read due to the topographics of their area but could be some serious oil down there if successful. That oil seep was no small matter and shocked many involved due to size and strength.

Until the meeting I had no idea how important Cebu is to us. The board has spoken to Japex a couple of times and they are being very cagey about the drill they are doing.
There is every chace they will drill WITHIN a couple of hundred metres of our boundary at SC 44 so the current drilling as we know has huge ramifications for us.
Coming back tour own drill we have some huge pockets oil down there at Cebu thats fact, the big problem is getting it pumped to the surface. BUT we are talking massive amount of oil that will be likely producer of only 200 to 300 bpd per well, if we can get the first one right then expect multiple wells at Cebu producing 200 to 300 bpd and they will flow likely very long term and thats serious bucks. I don't think the market really understands what we have at Cebu yet. Its all there we just have to work out how not to upset the formations as we suck it out. It has been done before but its tricky. Possible JV on this one just to help us get the oil out of ground.
Aquitaine basin we have the area but French Govt. has reduced our application size due to lease overlap and we should be able to start looking for suitable drill sites soon. Ground there looks great and drills will be shallow so expect multiple drills and price of gas there is way higher than here so gas is the go and any oil a bonus. Infastructure there for supply is excellent if we have success. MASSIVE potential here.

Listen we have a first class board representing us and Daid M, David K and Dennis really know their stuff. They are very passionate about GGX being a producer in the near term and all three have imense experience when it comes to finding oil and gas. These blokes have a proven track record. They want this SP to be into the dollars mark as much as we do.
As a S/holder well into the top 20 I could not be happier with what is currently taking place at GGX. As a junior spec/explorer we will be having a red hot go in the next 18 months and its all good. Money spent will be spent very wisely.
Cheers, Pumper