Ann: December 2021 Quarterly Activities and Cash Flow Report, page-65

I absolutely agree with you...the Philippines has potential. You can argue that Yakal and Tindalo is an unlucky attempt....although heads did roll at Nido after it watered out ("she" did not last long). And according to some that are in the know, the whole operation was a demonstration in incompetence. Regardless....your view is that it has resource, others say no. We shall see. Whatever the situation SGC will have to raise multiple of their MC to get SC 54 (despite their private partner) and SC 6B sorted. West Linapacan is a pipe dream as you no doubt know. SC 58 is a gas play which requires at least 9 figures. So....how would you trade this? Cadlao which has never had a funding partner since 1996 (failed Blade, failed Peak, failed Cadco, ad nauseam), WL which has failed with multiple farming partnesr and is probably a dud (as the local guru on that deal has said many times - i.e. Philodrill). Never mind the politics or the locals. What I would like to know is how is SCG different? How is it that they can do what other could not with an MC of 12 m bucks. Enlighten us. Never mind the fact that DOE have yet to approve Manta's withdrawal form SC 6B and the extension of 54 and 58. I just see this as a stock play going awry. What would change your mind? I predict the following based on the situation I described above.... SGC will make an announcement that they will not be drilling anything in the Philippines this year. That is my trade.