re: who said "blue griffin" hi bluethanks for your comments...

re: who said "blue griffin" hi blue

thanks for your comments below, as usual your contribution is appreciated.

apart from Philodrill farming out 75% of it's interest to "GPC". i also understand that the other partners are doing the same.

so the above is a good step in the right direction.

also i believe that the DOE is contacting the SC-14 JV every day to get an update on the status - talk about a motivated govt.

it would seem that things are falling into place, we just await the details of the funding. fingers crossed that it's soon.

no doubt your aware that the energy sector has been on fire recently oil price now over US$54bbl.

again Blue thanks for your help

regards

As far as I can ascertain, that release means that the J.V. has officially accepted the 'G.P.C.' development proposal conditional only on DoE approval.
This is very very good news!
: )

This is the last hurdle for Galoc, the question from the market will be the state of the Phillipine DoE.
Simple rubber stamp or to play hard-ball & what time-frames for said aproval are we looking at?

One would be inclined to think simply a formality on the basis of;
-The Filipino DoE would have been fully aware of interested parties in the development of this regional asset for the last five years, of which this proposal has been 9 months in the pipe-line, plenty of time for prior preparations, so approval a formality, if not why not?
-current Filipino national domestic supply/demand critically needs to encourage short-term production/exploitation leading to future 'big-hit' exploration so many pressures exist on the department to expedite?
ie- national production @ 6,400bopd, (<10,000), projected production from Galoc development is 20,000bopd equalling >%300 iincrease in domestic product short-term.
-an international major in the region to be encouraged?

We have seen an extra million come on the buy depth in the last hour so obviously the market is aware of & encouraged by this development, we shall see what occurs over the next 'two weeks' but simply very very good progress!
: )