It was great reading through the old results in the Malolos oil fields, paints a clear picture why these veteran management kept Gas2grid going with their own funds and were patient enough to wait for the oil market to recover.
496 meters of oil in both zones, 200bopd with sand mitigation, I have researched in similar cases in Malaysian oil fields once screens are in place production uplifts are incredible.
production costs in the Philippines at under $10AUD and current Tapis similar to what we have at 90AUD.
IMO Gas2grid has always been a sleeping giant with all my research across the asx I wasn't able to find any companies with 20.4million barrels 2C with a further 104million barrels prospective in their field and with a market cap at only 5million all dept to be repaid by oil production and any funds received from France.
$55M AUD is a big claim for a $5m company agreed it could take a while to settle but I'm confident with the government losing to us twice in court the quicker they settle all these oil contractors claims the quicker the can implement their new oil laws.
I also keep noticing in announcements management are keen to point out the other two licences in Cebu, SC40 and SC49 have the same issues with sand mitigation so could they be pointing out we have the solution and once proven with this drilling campaign there is a partnership opportunity to assist those fields. SC49 is Chinese operated so definitely would be exciting to have their money involved.
Humble announcement of operations started and results due before Christmas amongst the AGM presentation and chairman's address gives me more confidence these guys are no frills and the real deal, it will be interesting to see the smart money start to set up before the results.
This is all my opinion only and all other things to consider I would like to hear from all of you.
GLTOH
(20min delay)