Some serious money needed - Extract of PEAKS funding requirement...

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blackitalian

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03/05/22

20:06

Post #: 61181990
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Originally posted by IBoesky: ↑

Suggested list of questions for those who will attend this "event":

1. FIA, Operatorship and DOE Application Questions:
Is the reason for the FIA still not being approved by the DOE (and therefore approving SGC as Operator) an inability to prove to the DOE that SGC can fund a full field development of Cadlao SC6B? How can SGC do any preparations to drill if they are still not the Operator on record? When SGC submitted the FIA for approval, did they submit a POD (required)? Did they submit their financial qualifications? Has any of the DOE come back with follow up questions re: the application by SGC? What did the DOE finance department think of their submission? What has the feedback been so far? When did SGC file the application with the DOE? (Note: investors will not fund a drilling campaign until this box is ticked (i.e. the box that says "Increased Equity Interest in and Operatorship of SC6B SECURED!")).

2. Funding Questions (this is of course intimately tied to 1 above):
What are SGC's funding plans for Cadlao full field POD? DOE will not approve the FIA/Operatorship without full funding in place (and not just for an EWT; it will need to be a POD). What are the DOE's criteria for "proof of full funding"? What are SCG doing to meet this requirement? Does SGC also have to post a Performance Bond? How are they funding that?

3. Permitting Questions/ECC:
Has SGC visited with the PCSD in Palawan to discuss getting their go signal for a drilling campaign (DENR will not act without the go ahead of the PCSD)? Has SGC began the process to prepare an Environment Impact Assessment Report? Who will they engage for this work? Has the DOE engaged anyone for a site survey? Who will they engage for this work? All necessary things in order to get an Environmental Compliance Certificate = "you can now drill offshore Palawan" (signed: DENR).

4. 54A, 58 and West Linapacan Questions:
How is SGC funding its Work Program and Budget obligations for these three blocks? What is the total commitment from SGC to the DOE for these blocks?

If SGC can answer any of the above in a complete, detailed and positive manner then there is hope for them to drill around Q4 2023 (if they really work fast!).

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Some serious money needed - Extract of PEAKS funding requirement back in 2011/2012 that fell apart.

SGC Price at posting: 2.2¢ Sentiment: Sell Disclosure: Not Held
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