Ann: Nandino Prospect Farmout, page-43

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wisenut

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29/03/22

20:22

Post #: 60502232
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Originally posted by IBoesky: ↑

It is definitely going to be a magical trick to get funding for the NDO assets in the Philippines because they are all up for (a) re-evaluation for non performance of obligations (54A and 58) and, in the case of SC 14 and SC 6B, (b) expiring in early 2024. Perhaps Blue Sky would not touch 14 and 6B because of the expiration dates. Do you think anyone will? The DOE will not grant any extension now for fear of being perceived as "influenced".

Did you know that NDO voted to relinquish their "other" assets in SC 14 (ex-Galoc)? It has been over 15 months since the request to relinquish was submitted to the DOE by the SC 14 consortium. And as of now, the DOE Sec has not signed the relinquishment approval. Why is that? Simple...the DOE Sec has been under intense scrutiny with regards to how he dealt with Malampaya. Any new decisions will be taken very slowly so as to ensure that he does not f*** up again. Nothing will be approved until after the election is over...and probably not for a while after that. Sec Cusi is most likely going to be replaced come June. Which I predict means the following: nothing will be approved or signed or gets done. So all SGC can do is non-government related announcements with regards to their Philippine assets - such as farm out announcements or rig rates. But the key here is the announcement that they can drill in the Philippines in June - if lucky, this means June 2023. And if even luckier...they get a new team in to manage the drill.

I reiterate....I contend that getting into the Philippines for SGC is an unnecessary hubris move. Someone new in their board is pulling the chains on this one..and the rest of the board bit on it, hook, line and sinker. This will damage the MC in the months ahead.

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What MC lol

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Ann: Nandino Prospect Farmout, page-43

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Ann: Nandino Prospect Farmout, page-43

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