ipil ipil 1 daily drilling report sc46, page-8

Reason for encouragement in Fridays drill report from JAPEX.

They have raised the mud weight (usually necessary to control and balance gas influx into a wellbore)...also following some wireline logging, JAPEX say they will conduct a flow test at the shoe and blowout protector.

Well depth then will resume until its programmed depth of 3211m...currently its at 2463m.....compare with some old data presented by GGX from their mainland drig in 1960.

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".....A 10-metre sandstone section at the top of the Malubog Formation at 2,179 metres produced gas to the surface in 36 minutes and recovered 26 metres of gas and oil-cut mud. The gas flow potential was estimated to be in the order of 1 mmscfd.

Three tests over a 48-metre interval in the sandstone section at the top of the Malubog Formation recovered significant amounts of good quality, clean oil of 39º API in the test pipe. Drill-stem tests No. 13, 14, and 15 recovered 10, 21 and 20 metres of oil respectively in the test pipe.

The presence of liquids in the tests suggests that the gas may contain condensate......."

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Its into a market cap now of a touch under $10million.....so nothing in the price for success in the Tanon Straight by these Japan and Kuiwait major oil firms.

Company are looking to strengten the board...maybe a new female board memeber. Lady from GOP maybe(PURE GUESS ON MY PART).

Also looking at how then can obtain equity in an existing producing facility....don't know how they could manage that.- but there you go.