GGX (ASX) Ann: Expected Suspension from Quotation on 1 Sep 23 re LR 12.1

Originally posted by CJTJ: ↑

cheers Durslowe,

bringing our situation forward a little from 28/8/21 to now....

I have a feeling we will get through in the Philippines and we never know what could happen to French court case, still have that to look forward to..I dont really have my hopes up but will remain positive

15/11/22

PHILIPPINES
• New Government elected with new President and administration with a new Secretary of Energy
• Open for business again after shut down by previous administration
• New discussions on possible way to move forward with the Malolos Oil Field appraisal
• Assessing new venture opportunities where drilling Rig‐2 will be used to drill and acquire equity participation

30/1/23
In addition, as a direct result of the new Philippine Government welcoming new investment in oil and
gas exploration, the Company has been able to enter discussions for new ventures with other
companies active in the Philippines. The approach has been to contribute our drilling rig for
operations and in return acquire equity in those new projects.

????
In addition, and as a direct result of the new Philippine Government welcoming new investment in oil
and gas exploration, the Company has been able to enter discussions for new ventures with other
companies active in the Philippines. The approach has been to contribute use of our drilling rig for
operations to acquire equity in those new projects without cash contributions.

???
A new Philippine Government under President Ferdinand Marcos Jr. who won the May, 2022 election
has appointed a new administration. This new administration appears to be pro-business and is inviting
foreign investment, including for the pursuit of oil and gas ventures in the Philippines. This presents
good opportunities for the Company.

24/4/23

Under current negotiations with the DOE the Company has suspended the pending action against the
DOE at the International Chamber of Commerce (“ICC”) with respect to the unlawful termination of
Service Contract 44 (“SC 44”) by the DOE in June, 2021.
The new administration under recently elected President Ferdinand Marcos Jr. appears pro-business
and is inviting foreign investment, including for the pursuit of oil and gas ventures in the Philippines.
The successful negotiation with the DOE is testament to their support for the Company’s desire to
continue exploration for oil and gas in Philippines that commenced over a decade ago particularly, in
the Malolos Oil Field originally within SC 44.
The Government encouragement of investment in the Philippine oil and gas industry has presented
opportunities for the Company to discuss new ventures with other companies also active in the industry
on the basis of contributing use of the Company’s drilling rig for operations to acquire equity in new
projects without cash contributions

25/8/23
During the year the Company completed an arbitration application for submission to the
International Chamber of Commerce (“ICC”) with respect to the termination of Service Contract
44 (“SC 44”) by the Department of Energy (“DOE”) in June 2021 on grounds disputed by the
Company and as provided for in the Service Contract. The selection of an Arbitrator to be
nominated by the Company was also commenced.
After the Philippines national elections in 2022, representatives of the Company discussed the
unjust cancellation of SC 44 with the newly appointed Energy Secretary and his DOE
administration. Based on those discussions the Company has suspended the ICC arbitration
application and in July 2023 submitted an application for a new Service Contract over an area
similar to the SC 44 with an aim to continue evaluation of the Malolos Oil Field and explore other
attractive oil and gas targets. The process to official grant of a new Service Contract could take 3
to 4 months.
A new Service Contract, if granted, should provide for a new 7 year initial term and therefore give
the Company the opportunity to conduct substantive oil and gas exploration activities.

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Well, don't I have yolk on my face