Ann: Cadlao Contingent Resources Certified, page-10

Anyone wondering why there is nothing announced about their application with the Philippines DOE? Recall that their FIA with the pinoys are subject to DOE approval (one should call Philodrill and see if SS has a view on this). And what about getting the ECC to drill (has the PCSD given their nod yet.....would be amazing because that means the guys at NDO have been doing their flights to the boondocks). No way is this happening this year. Lucky if they get to keep 54 and 58. Did you know that their relinquishment of 14 has yet to be approved. No doubt because they owe monies to the DOE. I wonder if the same goes for Manta. The best case for this company is their assets in Canada. They certainly made a boo boo going JK's advice on the Philippines. Nice one!