Feb 19, 2009 was the time they (the DOE) gave the last 15 year...

Feb 19, 2009 was the time they (the DOE) gave the last 15 year extra extension to Blade Petroleum as Operator and Venturoil as JV partner for Cadlao (and now SC6B). There was a speech during that day by the JV with the press in attendance and the late General (retired) Angelo Reyes (deceased).

Some thoughts:

1. Where is USEC Sandy Sales now with his proclamation about drilling in Q1 2023 (made 12 months ago in the press and even TV)? Hmmmmm. Any responsibility there? He was a major backer of SGC prior to that press release. He should be fired at least and investigated for good measure.
2. The President Marcos Jr. said as much (Cadlao to be drilled by Q1 2023) but nothing has happened. Why? He is distancing himself from this for sure. One year from his press release and nothing has happened. Where is the accountability?
3. Extending the loans = going bankrupt soon? They got no money no working capital and no cash flow. Tank is empty and they got nothing except fiddling about.
4. If they are to drill anytime soon...which is at best 6 months from now (which is beyond the expiry of the SC6B contract), where is the announcement of the drilling rig contract? Oh wait.....the drillship is being prepared and propped for the last two years. Must are an amazing refurbishment program. Probably has a jacuzzi.
5. PNOC were supposed to say something by end of July. We are now nearly December and nothing. However, just to placate holders they use the word "imminent". Wake up! PNOC are not idiots. They will wait this out and wait for the contract to revert back to the DOE. Wouldn't you?

How about this for an analysis. SGC have nothing. They promised a drilling campaign with a fancy drilling chart etc. but in the end they sold to BS. Why? Because they have nothing. They are nothing at least with regards to the Philippines. The office in Manila is already shut down to save money. They have zero with regards to the Philippines. They will be kicked out for sure by the DOE. No money...no honey.

Maybe they can string along with their other assets. Or with the drill pipes that they can shove up their......