up 20.7percent today, page-6

Looks ready to gap now on any news.....not to sure why there would be sellers at this stage.

Prior to their Tanon Straight drill.....GGX management had discussions with the Japex consortium, with regard to a possible farm-in of their Cebu mainland block.

Communications was difficult...and not only because of language. However environmental backlash (and now strong interest on the eastern side - Japex drilling problems) - it would seem a strong option for these multinational oil companies to look at the mainland.

Remember it was Japex who produced data showing the same geology extends from Cebu mainland into the Tanon Straight.

Any deal with Japex and the Kuwait oil companies....would have a very significant effect on the share price.

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Kuwait participates in Philippine oil search

19 September 2005

The Philippine government has approved Kuwait Foreign Petroleum Exploration Co.'s participation in an oil and gas exploration project being undertaken by Japan Petroleum Exploration (Japex) near Tanon Strait in the Visayas region.

The project was awarded to Japex in February. The group recently completed initial seismic studies and is currently evaluating the data it had gathered.

The government agrees on Kuwait Foreign Petroleum's acquisition of a 35 per cent interest in upstream development from Japex, which will now have a 65% stake in the project., the Energy Department said.

The service contract for the project provides for seven years of exploration rights over the Tanon Strait . Once the reserve is proven to be of commercial quantity, the contractors will receive rights for another 25 years for production.