Ann: Philippines Malolos 1 Workover Update , page-37

From the Quarterly:

A decision has therefore been made to replace Rig-1 with Rig-2 to complete the Malolos-1 workover and flow testing. Rig-1 is a larger rig with better capacity to complete the workover and it will also be worked 24 hours/day whereas Rig-1 is only working 12 hours/day. Rig-2 will retrieve the 5 inch casing and then mill out the junk with a larger 6 inch bit. The oil bearing sandstones will then be perforated and tested. Whilst there will be a delay of about a month while the two rigs are changed out this action will make the workover operation simpler to complete.


So we again play the waiting game. How low can it go is the question? I would buy at these levels if I had the cash. As it stands I'm extremely heavily weighted into GGX.


When I spoke with Dennis he told me they were looking to increase their exposure to France, Glad to see we have 3 new applications processing.