Action within a week or so maybe.....GGX is a $10 million company, with $3 million cash in the bank. Means it is highly leveraged to any positive news or success.......
See story below.....GGX say this drill is within a couple of kms of GGX oil and gas permit. (I think it is even closer than that).
Anyway does not matter....an oil and gas discovery so close to GGX permit....which is mostly onshore (and with all the environmental issues that Japex would face to produce from this offshore location) - very significant higher value would be be placed on GGX land based permit.
As suggested previously.....50 cents onto the shareprice could be a possibility.
Do your google checks here nightly from late in the week.
___________________________________________________________ Hakuryo V will drill Filipino wildcatFiled from Singapore 10/29/2007 3:19:13 PM GMT
PHILIPPINES: Japan Drilling's semisubmersible Hakuryo V is now in Singapore to top off its supplies before leaving in early November for exploration drilling in the SC46 permit located in the Tanon Straits off the Philippines. Hakuryo V is scheduled to begin drilling operations Nov. 11. Media reports said the rig will drill on the Ipil-Ipil prospect located in up to 200 metres (656 ft) of water off the west coast of Cebu Island.
____________________________________________________________ Fishers hope to stop oil drilling off Tañon Strait
By Chris Ligan Cebu Daily News
Posted date: November 08, 2007
CEBU CITY, Philippines - Fisherfolk organizations in Cebu plan to take legal action to stop offshore oil drilling in the Tañon Strait slated for Nov. 15.
They fear that possible oil spills and underwater noise from the drilling would affect their livelihood.
Vince Cinches, executive director of the Fisherfolks Development Center, said the Japan Petroleum Exploration Inc. (Japex) should not initiate the drilling pending the resolution of a petition by several fisherfolk organizations that want the expedition’s Environmental Compliance Certificate (ECC) revoked due to irregularities.
Cinches earlier questioned why the Environmental Management Bureau of the Department of Environment and Natural Resources, which issued the ECC, refused to make available to the public a copy of the document, issued last March.
Cinches also said that fisherfolk are waiting for the approval of a proposed House resolution seeking a congressional inquiry into the drilling.
Japex conducted a public forum yesterday on “Offshore Oil and Gas Drilling Exploration” at the University of San Carlos’ Main Campus yesterday, held in coordination with the Department of Energy. It explained the company’s plans for the Tañon Strait.
Cinches, who attended the event, said he appreciated Japex’s effort to hold the forum, but he questioned its timing since it does not allow fisherfolk time to react to it.
“They should have done the public forum two years ago,” Cinches said.
Cinches said fisherfolk in southern Cebu, especially those from Aloguinsan and Pinamungajan, would hold fluvial rallies against the project.
The mayors of the two towns, however, promised that Japex would compensate affected fisherfolk once drilling starts.
Pinamungajan Mayor Geraldine Yapha and Aloguinsan Mayor Cynthia Moreno both support the exploratory drilling project. They said Japex officials pledged to provide food for the fishermen once the project begins and in the succeeding 60 days of the oil exploration.
Compensation would only be in kind, as cash may cause controversy, Yapha said.
Moreno, for her part, said that while fisherfolk may be affected, they may still catch fish in other parts of the strait.
She said they could also try seeking alternative livelihoods, like construction.
During the forum, Energy Secretary Angelo Reyes said the government would not oppose the project as long as it was sustainable, and that it promoted economic growth, provided social equity and did not violate the environment.
“We can’t sacrifice the future for a non-sustainable project that’s good only for this generation,” Reyes said.
The energy secretary said the need to explore sources of oil in the Philippines was more important than ever, considering the rise in prices of oil in the international market.
The price of crude oil per barrel is now $93.53, up from $58.85 at the start of the year. /With a report by Correspondent Jhunnex Napallacan
GGX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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