Ann: Trading Halt, page-16

Indeed....but even if PNOC, who by the way have a horrible trading record in oil and gas in the Philippines, pull the trigger on the LOI, you still need them to come up with the funds (their commitment is just for a portion of the funding needed...not even one well completed). The funds needed to fully suck up Cadlao P2 reserves are much larger than this deal. Which means that more funding is needed...but hey...perhaps they got a discount on the wells. I guess the advantage of being with PNOC is that they can pull strings with the DOE and get the service contract extended...despite the fact that the law states that you cannot get another extension beyond the 15 years extra they received in 2009 (must be 45 years old by next Feb by now). But it is the Philippines though...so anything is possible if you have a chat with USEC Sales Turd.

And what about SC54A, SC58 and West Linapacan. You can sell Canadian assets to pay for the salary of a new poster boy but it does not change the negative working capital of this company nor its obligations in the Philippines which cost more. FYI....if such a high flying guy is so high flying....why SGC? In any case...good luck to you because at this share price...why not right? Regardless of your views..this is a 1 delta call option and if you like those odds then why not.