Ann: Philippines Approvals, page-17

Some perspective facing the task of an AUD 13 million (USD 9.3 million - yikes!) MC company who proposes to drill wells in SC 6B, SC 54A, SC 58 (deepwater) and SC 14 West Linapacan (also deepwater). Over some years too despite the risks of DOE booting them out for extension addiction.

https://businessmirror.com.ph/2022/04/26/enexor-in-talks-with-potential-partners-over-sc55-drilling/

Enexor have been marketing SC 55 since at least two years and they are nowhere near drilling a well this year 2022 (used to be 2021, now 2023 or...). Read the article and see the cost of one appraisal (not development) well (USD 50M per appraisal well and that is pre-war (Ukraine) levels) and the extended timeline to 2023. I do agree that this is deepwater and gas (similar to SGC's SC 58) but still gives you some idea what one well in JU depth should cost SGC (more than their market cap for sure). Note that Enexor is part of the Ayala group of the Philippines (I believe current market cap is just over USD 14 billion), probably in the top 5 largest conglomerates in the Philippines. They could fund it themselves but clearly prefer to get a free carry (probably SGC's strategy with their Philippines portfolio). Good luck finding a partner with cash to free carry Philippines offshore upstream projects when a conglomerate like Ayala Corporation are having trouble enticing the same.

As Yoda would say: "chew more Biting off than they can."