Well GGX fans, is this a week we've been waiting & waiting a LONG time for?
My little birdies coughed up the same as Harrygough's - "the drill parts are on site". Whether or not they're fitted & ready to go we will find out very soon. As you've all seen, the stock has held its ground VERY well over the past two weeks (since moving to 10c) with only little bounces (even in the face of a concerted few who tried in vein to make it drop during that period - that idiot who had 1.2m for sale at 10.5 then moved 1/2 of it to 10 over Thursday/Friday) & it stayed at the support level of 10 cents.
So if the parts are on site then one would assume that the drills will turn Monday or Tuesday at the latest (no it wouldn't have happened on Sunday - it's their 1 day off per week there & Sunday is sacred).
I think we can therefore be very confident that there will be an announcement of the same once that happens. One would then assume that this will bring further confidence to the stock & the sellers should disappear, get eaten up & move to new levels - (there's always someone who wants to take a profit & move on instead of staying like us die hards!).
Who's brave then? Predictions for Friday's close?
Do I hear 12.5? Do I hear 14? or more?
Oh & I just wonder????? Are we going to be drilling at one or 2 sites by month end? The announcement says BOTH!
Have another read of the detail of the most recent drilling update announcement (18.9.12):...............
"3 EXPLORATION WELL PROGRAM: The Company owned drilling rig (Rig-2) has been mobilized to the Jacob-1 site and is rigged up. Some imported parts required for the rig and drilling are awaiting customs clearance and delivery at the site. Jacob-1 will commence drilling operations by the end of this month.
Jacob-1 is the first well to be drilled in a 3 exploration well drilling program to be followed by Gumamela-1 and Ilang-1 back to back. Reservoir targets are Miocene age limestone reefs and channelised, marine, turbidite sandstones. These formations are of the same age and lithology as those that are hydrocarbon bearing elsewhere onshore Cebu and also they comprise the reservoir in oil and gas producing fields offshore Palawan, Philippines and elsewhere within Southeast Asia (Indonesia and Malaysia). The prospects have individual recoverable oil potential ranging in size of 50, 15 and 5 million barrels - (Jacob is the largest) and if successful could eventually prove a large, new oil province.
MALOLOS-1 WORKOVER: The other Company owned Rig-1 (a Brewster N2 workover rig) is currently on the Malolos-1 location where its upgrade is nearing completion. Rig-1 is expected to commence the workover and testing program procedures at Malolos-1 by the end of this month.
The plan is for Rig-1 to drill out the junk currently in the bottom of the hole at a depth of 7,190 feet (2,191.5 metres) and then conduct flow testing of the oil bearing reservoirs followed by selected flow testing of the shallower reservoirs interpreted as being gas bearing. Malolos-1 has several oil bearing sandstones below 2,191 metres that in 1960 recovered oil in the drillpipe during open hole testing.
Recent cased hole logging with a pulsed neutron tool has identified 4 potentially gas bearing sandstone intervals below 1,646 metres that have not been previously flow tested."
The keys here are:
a. Rig 2 - "Jacob-1 is the first well to be drilled in a 3 exploration well drilling program to be followed by Gumamela-1 and Ilang-1 back to back"
b. Rig 1 - "Rig-1 is expected to commence the workover and testing program procedures at Malolos-1 by the end of this month. The plan is for Rig-1 to drill out the junk currently in the bottom of the hole at a depth of 7,190 feet (2,191.5 metres) and then conduct flow testing of the oil bearing reservoirs followed by selected flow testing of the shallower reservoirs interpreted as being gas bearing. Recent cased hole logging with a pulsed neutron tool has identified 4 potentially gas bearing sandstone intervals below 1,646 metres that have not been previously flow tested."
So.... Interpretation:
a. Rig 2 (Jacob 1) - If it doesn't hit at the first go then there are 2 more sites to try. But possibly 70m barrels in total.
b. (Malolos) - Drilling by month end & proven recovered oil in the 1960's now to be "flow tested" & potentially 4 gas pipes higher up also to be flow tested. No flow tests have been done on either yet so not possible amounts known of either oil or gas. But we KNOW that oil IS there at least.
Just imagine if they both hit. This month could be HUGE. We have faith Dennis! Get those drills turning. Very exciting week ahead!
OK educated guesses for Friday close? I'm going with 14 cents at least. But it could be bigger! Fingers & toes crossed.
Good luck guys.
GGX Price at posting:
10.0¢ Sentiment: LT Buy Disclosure: Held
(20min delay)
