Ann: Philippines Malolos 1 Workover Update , page-30

Agree Roversfellas, $40k does not appear to be much for a $26m cap stock.

It appears that the downside risks are that the drilling rig fails (short-term risk prior to drill results) or that oil / gas is not encountered in commercial quantities (longer-term risk post-drill results).

In the short-term, if the drill rig failed, additional time and resources would be required to repair the rig and cause delays to obtaining results. It is my understanding from previous announcements however, that the larger rig will be utilised to drill the remainder of the "junk". Therefore, once the second rig is mobilised it appears to indicate that there would be a second drill rig available as back-up. Therefore, it is in my opinion that the sell-off is small and likely just someone divesting their position.

I'm not 100% sure on how energy stocks work, however it appears that they generally increase in value, based on speculation prior to drill results being released (regardless of information leaks).

Just my thoughts.

Cheers,
JJR