just be a little more patient hi guysi think Blue griffin was...

just be a little more patient hi guys

i think Blue griffin was right when he said "this is the last hurdle for Galoc"

we now have Philodrill farming out 75% of it's interest to "Galoc Production Company". i also understand the other partners are doing the same.

we also know that Galoc Production Company has been set up (Cape,Team & CompanyX).

in my opinion we are at a stage of no turning back, the deal is in the bag.

just be a little more patient, as things are being finalized.

we all appreciate that David Whitby and his team have done an excellent job over the past few months.

i think most of us don't understand just how hard it is putting a deal like this together.

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