Ann: Philippines Assets Sold for Cash, Royalties, Back-in Rights, page-75

SC6B is still a good asset because of the proven reserves (if you trust Gaffney Klein etc.). But no one will invest in it if the 15 year extra extension on the SC (granted in Feb 2009) by then DOE Sec General Reyes is finishing in Feb 2024. Philodrill and their partners in SC6A (Octon) have already relinquished Octon and re applied for a new contract that would give them another 25 years of doing absolutely nothing (typical pinots). Why not do the same with Cadlao? If you think Blue Sky or PNOC (jeez) can organise a drilling rig contract and a drilling rig on site before Feb 2024 then you are smoking something strange. As I said ad nauseam, too little too late for this contract. And forget about Nandino and Balyena. No one would drill those two without Cadlao up and running. You need the Cadlao economics in order to do 54A and 58. Ask PNOC about Calamian if you are wondering about their track record.