Hahaha....hilarious about SC 58. I did say RR or FM. And now we have our first FM. Too obvious to some but not to most.
This interim report is not a rehash that is for sure….It is another effort at spinning what they have (in order to…well you know why).
I do not understand, according to this report they are drilling Cadlao with a JU/MOPU (note the wonderful diagram) and yet in their last 2 (is it 3?) previous announcement they were bragging about using a drillship owned by their partner (yet to be approved by the DOE…I wonder why?).
From the report:Deep Venture DP2 Drillship The DP2 Drillship Deep Venture is being prepared for drilling action in Vietnam. A short program to source critical control equipment and test key equipment for drilling is underway. The drillship provides the most flexibility for Philippines operations in that it can dill in water depth ranging from 80 metres to 150 metres with a 4 anchor mooring in DP Assist mode, and up to 1,300 metres in DP2 mode, and can carry EWT and drilling equipment and supplies, hence simplifying logistics, as well as providing options for drilling in deeper water Service Contracts, like SC 14C which includes the potential Redevelopment of the West Linapacan Oil field, and in which Nido has a Participating Interest.
Loving it! West Linapacan is now in their sights too (which most experts already consider a dud). By the way the rest of SC 14 expires quite soon too.
By the way, if a drillship is used on Cadlao, it will create some interesting complications if they decide either to (a) use subsea wells or (b) a dry well head platform.
Finally….still negative working capital of minus 3 million. No DOE approval is forthcoming in my opinion. But good luck to them because shame if they cannot use those pipes.
SGC Price at posting:
1.8¢ Sentiment: Sell Disclosure: Not Held
(20min delay)