Hi All,Have just completed a review of the Philippines acreage...

Hi All,
Have just completed a review of the Philippines acreage using mainly Nido's previous presentations / reports and what information has been so far mentioned by SGC.

I'm posting a number of summaries of the review that will following this post. In each I'll start with a brief summary of my findings, assessments done etc. followed by summary Slides.

Many thanks to all who have posted information in recent weeks - particularly in relation to accumulation tactics etc. - has been very enlightening as to the vagaries within the Market.

As an overall summary, IMO this is a fantastic gain by SGC - particularly in relation to:
- two oil field redevelopments that were previously progressed to POD stage
- four oil discoveries - two of which were under an MoA & farmout discussions had been initiate on
- SC54A's matured for drilling prospects with close-by direct discovery analogues - thus very high Chance-of-Success
- SC58's matured for drilling prospects which have extremely high reserves potential & de-risking Sea-bed Coring Study
- previous de-risking work done by Nido - 2D & 3D seismic, geological & geophysical studies, preliminary field development plans etc.

In the rest of this post, I'll address a few general comments / themes that have come up over recent weeks that from my oil & gas exploration industry experience I feel need to be / are worth addressing. A few brief comments below followed by Slides with a more comprehensive review.:

The purchase of the former Nido assets for $1 & liability to abandon 3 West Linapacan wells - indicates the assets have low potential.
- Not the case at all - when a company decides assets are non core to its future strategy it generally wants them off their books ASAP - literally at fire sale prices

Whether SGC has the staff to adequately handle its current set of Assets / projects - potentially lengthy delays on getting work done.
- Use of consultancies / consultants is very common in the oil & gas industry and a small staff of experienced people can handle a significant number of assets / projects by farming them out to consultancies

Joanne Kendrick's value to SGC not being currently recognised by the Market.
- Fully agree, IMO Joanne Kendrick brings exceptional value to SGC through her technical and commercial experience on these Assets and very importantly her established relationships in the Philippines

Potential to Farmout / achieve funding to initiate drilling on these assets - likelihood to achieve?
- IMO this is very low risk (see summary Slide below)

Potential timing to Farmout / achieve funding - lengthy time to achieve?
- IMO due to likely drilling commitments see this as occurring in the near term

The Assets contingent & prospective resources currently being assessed by a third party - potential that could be defined?
- IMO I see as very low risk any reduction from previous Nido estimates