If there was going to be a capital raising anytime soon it would have to be in relation to their North Sea blocks as according to the presentation the serious development costs for Phillipines wont begin untill the middle of the year during the mobilisation phase. (Is this correct?) If there is no drilling in the short term there should be plenty of time to roll out further announcements.
Assuming they do begin drilling Galoc and West Linapacan mid year and concurrently how is this affected by the typhoon season. Do they drill these and shut them in until the season ends and bring the production gear on afterwards therefore pushing 1st oil out to 2007.
cheers
18-20 cents for institutions, page-21
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