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cash flow??
Fep should have some cash flow from Galoc field, and that equates to some equity gains for fecof, but not CASH FLOW.........Best Case scenario is for fecof to borrow the money as an equity loan at lets say an 8% interest rate or lower if they can get it from parent company Philex or first pacific.
The board is fully entrenched with philex members and may very well dilute the company instead because thats whats in the best interest for PHILEX.........just saying.
well said although ive personally never seen a company accept payment in stock with the price per share being HIGHER than the going market price.......and 300 grand in stock will be a big chunk of dilution for a company with just a 5 or 6 mil market cap.
for those who want to bring up the instance when philex paid 50 cents per share it was not for Payment.....they just wanted a strong controling interest for instances like this........and back then they had forseen the possible dilution with the Basic petroleum legal hearings and simply wanted to make sure they had a controling interest no matter what.
yes...all speculation on my part just as anyones opinion and not fact is speculation as well....
best interest??? Well lets see....... they<philex> did buy 51% of fecof way back when some years ago for i believe it was a penny and options, and I do believe that was for their best interest as well and not fecofs best interest although the govt connection for fecof/fep.l didnt hurt with all this commotion with china.
this is a situation where philex can do it all out to their advantage now that they have the majority shares of the companies they want to dictate for THEIR own best interest and on the bb boards its under less regulation.
GLTA ....we need it
somewhat discouraging to read:
In December 2009, the Company was advanced US$273,000 by Philex. The loan was unsecured and was originally due on December 31, 2010. The Company has now received a demand notice for the repayment of the loan. The estimated repayment including interest is US$312,000.
guys can this be accurate? or are they just grossly exxagerating their prospects?
Nido Petroleum to tap over 2B barrels of oil
Aussie firm to identify drilling targets in SC 54
By Amy R. Remo
Philippine Daily Inquirer 12:20 am | Friday, December 16th, 2011 0 27 13
Australian firm Nido Petroleum Ltd. has completed two 2D seismic surveys within prospective oil and gas sites in Service Contracts 54A and B, the results of which will allow the company to identify the drillable targets.
These targets will then allow Nido Petroleum to tap the over 2 billion barrels of gross, unrisked oil-in-place within the Lawaan-Libas prospects in SC 54A and the Pawikan lead in SC 54B.
In a regulatory filing, Nido Petroleum chief executive officer JV Emmanuel de Dios said the two surveys were acquired between November 29 and December 10 this year, using the MV ‘Nordic Energy’ operated by seismic contractor Nordic Maritime Pte Ltd.
For SC 54A, Nido Petroleum said it acquired 73 full-fold line kilometers of new 2D seismic over the greater Lawaan and Libas prospects.
“The objective of the survey was to determine if the two prospects are connected structurally which would further upgrade the potential of the larger Lawaan prospect, which is currently the leading drilling candidate in SC 54A,” De Dios explained.
Prospective resource oil-in-place estimates for Lawaan and Libas are estimated at 34.7 million barrels and 12 million barrels, respectively.
For SC 54B, De Dios reported that the company was able to acquire 430 full-fold line km of new 2D seismic data over the Pawikan lead.
“The objective of the new seismic is to mature the Pawikan lead to prospect status by addressing remaining risks relating to reservoir and charge into the structure,” De Dios said.
The Pawikan lead lies 30 km to the south of the noncommercial Gindara-1 gas and oil discovery well, which was drilled by the SC 54B joint venture earlier this year and 10 km southwest of the Service Contract 14 Nido A/B oil fields.
Prospective resource oil-in-place estimate for the Pawikan lead was estimated at 2 billion barrels of oil.
guys can this be accurate? or are they just grossly exxagerating their prospects?
Nido Petroleum to tap over 2B barrels of oil
Aussie firm to identify drilling targets in SC 54
By Amy R. Remo
Philippine Daily Inquirer 12:20 am | Friday, December 16th, 2011 0 27 13
Australian firm Nido Petroleum Ltd. has completed two 2D seismic surveys within prospective oil and gas sites in Service Contracts 54A and B, the results of which will allow the company to identify the drillable targets.
These targets will then allow Nido Petroleum to tap the over 2 billion barrels of gross, unrisked oil-in-place within the Lawaan-Libas prospects in SC 54A and the Pawikan lead in SC 54B.
In a regulatory filing, Nido Petroleum chief executive officer JV Emmanuel de Dios said the two surveys were acquired between November 29 and December 10 this year, using the MV ‘Nordic Energy’ operated by seismic contractor Nordic Maritime Pte Ltd.
For SC 54A, Nido Petroleum said it acquired 73 full-fold line kilometers of new 2D seismic over the greater Lawaan and Libas prospects.
“The objective of the survey was to determine if the two prospects are connected structurally which would further upgrade the potential of the larger Lawaan prospect, which is currently the leading drilling candidate in SC 54A,” De Dios explained.
Prospective resource oil-in-place estimates for Lawaan and Libas are estimated at 34.7 million barrels and 12 million barrels, respectively.
For SC 54B, De Dios reported that the company was able to acquire 430 full-fold line km of new 2D seismic data over the Pawikan lead.
“The objective of the new seismic is to mature the Pawikan lead to prospect status by addressing remaining risks relating to reservoir and charge into the structure,” De Dios said.
The Pawikan lead lies 30 km to the south of the noncommercial Gindara-1 gas and oil discovery well, which was drilled by the SC 54B joint venture earlier this year and 10 km southwest of the Service Contract 14 Nido A/B oil fields.
Prospective resource oil-in-place estimate for the Pawikan lead was estimated at 2 billion barrels of oil.
http://www.interaksyon.com/motoring/philex-petroleum-unit-to-drill-exploratory-well-in-sc-53-off-mindoro/
the link above shows oil deals on mindoro thru philex
the link below shows pxp shares<which owns a larger percentage of fep.l <sc72 exposure> which are outpacing philex and fecof......holding up well and recovering nicely the last 2 months
a 42 billion php market cap makes it a billion dollar us market cap
http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=PXP:PM
i agree with you....
not much different than the bb stocks or pink sheets....i'd never enter for a market order as the spread is outrageous....but as this 30 to 35 million dollar market cap goes closer to a 100 million market cap due to the simple fact they will produce roughly another 60 mil in profits from galoc expansion within the next 12 months,,ontop of 15 mil in cash.....it makes it more attractive to buy this regardless of it being in the grey market...........
Market makers will jump in as this becomes a small cap<100m> rather than a microcap....more funds will be freed up from restrictions to buy this after a 100million market cap is reached,,,,and possibly seek listing to a bigger board like nasdaq.....
.....its true that they will need millions ,,,maybe that 60 mil in expected profits.....to drill in their prospect of north galoc.....but that can finally land them a possibly half a bil or more.............its the nature of the beast but this beast looks more tame and diversified....
would love to see fep.l buy some chunk of nidof as a way to diversify their portfolio indirectly in this gas rich/oil rich region.....
pxmff is at a year low folks<.29>....due to some liability issues.......but fecof still seems the better investment into sc72 potential.
glta
i was trying to buy it on the grey market with my e trade account and i noticed my higher bid wasnt posting and figured correctly that it was haulted......they should release it tomorrow with an announcement/offer........probably chunks of stock at .025 a share,,,,,,, just my guess
tomorrow should prove to be an interesting day for nidof and that entire west philipine sea area as nidof is offering a secondary of sorts.....they say they will make the offer to "savy" investors as well to its current shareholders......i for one am already a shareholder....
this will put into focus the "demand" for risk in this sea as nidof has huge acreage in this speculative area and is about to do some advanced drilling and progressive projects.....including farming out their own area...
I would love to see fecof actually buy some nidof stock as they are considered a holding company and this is a good way to get some indirect investment in the entire area at firesale prices....
nidof currently has a third of its market share represented by its cash and zero debt holdings.....strong cash flow that should generate roughly another 60 mil in profits from galoc in the next 12 months alone.....and this is a company that is currently sporting a 40 mil market cap.......an easy double in my opinion.....without the risk and exposure that fecof currently has due to undrilled area and china harrasment.
just wanted to give this board a heads up on possibly a unique and rewarding opportunity unfolding day by day with nidof.
thank you to eom and xxtc for links....
the asx link was extrememly useful.......yes Nido was halted due to an anouncement of an offering........hopefully they dont kill their share price too much and dont offer lower than 3 pennies its currently trading at, or i'll just have to buy more......it looks very promising though and on that site while digging thru nidof pdf's.... i found an interview that suggests that FEP should also be doubling their revenues from galoc since nido will.....i couldnt copy and paste but its right there on the link eom posted under "interview"...
thanks to all and good luck
thanks for the civil and productive discussions and progressive updates with posts and reposting of this situation stock.
slightly off topic but not by much........can you or anyone else tell me how is nidof trading??
I am using e-trade and when i put a buy order in it still didnt change the bidding price<my bidding price was higher> for the entire day..........i tried again today and it looks like its not even trading today........maybe its an australian holiday?
just wondering if you guys know whats up.....I have high hopes for nidof as they will profit from galoc more handsomely than fep.l...............the stock is either halted for an anouncement or its a holiday maybe.......anyways thanks and happy holidays<belated>.
so how do you interpret this going forward?
pantag shoal is a bargaining chip, and maybe they finally sway away from claiming sc72/reed bank as chinese?
getting unclos recognition and china to back off the reed bank is bigger and better than just cutting a deal with cnooc and assuming all is good.
just my opinion.
I did find it just a tad bit encouraging that they left the reed bank claim off the statement this time.
this headline precedes your headline and yours is predates"precedes"....its also the earlier post right before yours...
----Wen Jiabao adamant on South China Sea claim
Date November 21, 2012----------
Read more: http://www.smh.com.au/world/wen-jiabao-adamant-on-south-china-sea-claim-20121121-29pd5.html#ixzz2CwUKX0uK
contradicting statements in the article you posted are below ........not your contradictions but china's ....the big sleeping hyppocrite.
China Might be Moving Closer to ASEAN on South China SeaVoA
B:China has consistently opposed ASEAN's involvement in rival claims over the South China Sea that involve Vietnam, Taiwan, the Philippines, Malaysia, and Brunei.
"China will continue to come back [with] sincere dialogue with ASEAN countries and to fully implement in an effective way the DOC so that all parties can accumulate mutual trust and carry on cooperation and put this issue of South China Sea in good control so that we can work together to safeguard peace, stability, cooperation, and development," said Gang.
B:Phnom Penh: Chinese Premier Wen Jiabao has made a strong defence of his country's claim to almost all of the South China Sea after a summit of world leaders ended in bitter disagreement over how to ease tensions in the strategic and resource-rich waterways
Read more: http://www.smh.com.au/world/wen-jiabao-adamant-on-south-china-sea-claim-20121121-29pd5.html#ixzz2CwYXxBT7
euj..... the article that you posted has more to do with some professors opinion than chinas actual involvement of trying to do the right thing and correcting their wrongs...
I was hoping that the story was a breakrough in discussions but its just more B.S. talk from china.................show me, dont tell me.......so far china is the one putting troops on uninhabited islands.......still at scarborough..........still bugging Japan islands and vietnam for the same oil resources.......China is a pig not to be trusted until they show on paper and in action otherwise.
I was giving a possible scenario.........if china claims sc72 as theirs too..and then settles for half of it <of something they should own absolutely none of it by unclos>.......then you have half the equity gone.........then cnooc could add their expenses on the rigging too........and then the philine govt. takes half of whats left of those profits ..............then fep.l only gets 70% of that....and then fecof gets 25% of that......it just keeps getting smaller and smaller....
its a hypothetical,,,,a guestimate.. ........but its fair to assume that china is looking for more in the equity of sc72, then you would get in a typical senior/junior drilling agreement.
You seem to be under the conclusion that china just wants their fair share of drilling royalties, etc,,,,,,,,if this gets done...............
philipine govt feels they were cheated in the malampaya deal with shell and are also looking for larger rewards in this sc72 deal.......so even if sc72 is bigger........it may not be as profitable ................it depends on lots of variables..........a forecasted one dollar stock price for something with so many new hurdles is a pipe dream..............i'll oblige on that dream but its not at all likely unless we get china out of the picture first.
just my opinion
yes you did always say that, even when the chinese we/are claiming everything as their own , which is why i simply dont trust them.
Pangilinan is obviously going forward or standing still waiting for the strategy that you hope will happen and somehow miraculously be to our advantage or more beneficial for us than them.
I can only stand by and watch impatiently as i wait for something different to happen from a strategy that is full of risk and questions.
The fact that they can only drill during the window of the season,,,,,,,,,,,,really shortens our time to do things and makes it critical that we get faster approval for things........even the philipine govt has dragged its feet for giving extensions, etc.
20 tcf? they thru that number out for best possible outcome including estimates on sands<they have to do extended drilling and wells for that too>, etc............they are going more for the 4 tcf number which is still 50% bigger than malampaya....could mean a 500 million market cap for fecof......maybe a one dollar stock price,,,,,,,,,if you think fep will be valued one day at 4billion or above, then fecof could reflect it in a billion dollar market cap......lots of IF"S and lots of YEARS, not MOnths ahead of us.
totality will be completed in 6 to 10 years after we finally start<their own estimates>, after we place the rig..............and we havent even contracted for a rig yet for the exploratory well.......
keep all your fingers crossed
would love to see it happen just as you say........
but they keep putting the ball in chinas court......, hoping to team up and sleep with the enemy <very risky strategy when dealing with communists who dont keep their word>and china doesnt want to play ball!!!.......and if they do they will want half of sc72's profits so why even deal with them?
....so why wait for chinas long chess play without a clock??? I would go get an aussie/american partner if i was forum FEP.......stop waiting for something that wont happen..........get the us navy bases back in the philipines and promise the us more contracts for protection........done deal
china is getting wealthier but not stronger...........they cant even find 20% of their citizens who work off the books in big cities after abandoning the farms......food prices are rising in china........anyways,,,,,,,, the philipinos and the usa dont need to be chinas Biatch.....as the us is approaching energy independence within a decade.....china will need us more than we need them
always next year
http://manilastandardtoday.com/2012/11/19/philex-to-pursue-china-oil-talks/
Philex Mining Corp., majority owner of oil explorer Forum Energy Plc., said it will pursue talks with state-owned China Offshore Oil Company Ltd. over the development of oil and gas reserves in the West Philippine Sea, despite the recent leadership change in the world’s second- largest economy.
“Hopefully we can get a response from them with the change in leadership,” Philex Mining chairman Manuel Pangilinan told reporters over the weekend.
Forum Energy confirmed huge deposits of oil and gas at the Sampaguita fields within the Recto Bank covered by Service Contract No. 72.
China’s ruling Communist Party named Xi Jinping as the head of the party, succeeding president Hu Jintao.
Pangilinan said it would be difficult to immediately renew talks with CNOOC in the light of the recent leadership change.
CNOOC is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world.
“You have to allow a bit of time, because this will give the new leader a chance. It will take a little bit of time to get everything over the table, so to speak. We have to be a bit patient,” Pangilinan said.
Pangilinan said they were still hoping to get CNOOC as a possible joint venture partner for SC 72 which involves an 8,800-square-kilometer area in offshore west Palawan.
Pangilinan earlier said they were not yet entertaining other third parties until discussions with CNOOC came to a conclusion.
“Let’s wait for reaction of CNOOC before we entertain discussion with any party,” Pangilinan said.
Pangilinan said having CNOOC as a partner could help defuse the political tensions hounding SC 72.
“I cannot also predict the political situation, but if, and that is a speculative if, they are a state-owned clearly identified with China. So I’m assuming the political aspects would recede in the background,” Pangilinan said.
Pangilinan said there was no definite timeframe yet to conclude talks with CNOOC but Philex hoped to revive talks early next year.
WOW!!!up 43% !! -???
what does it all mean? someone simply bought a thousand dollars at the asking price<averaged down on their position>.......our spreads are ridiculous.....you can blame the market makers for that and thats how they can swing prices to their favor everytime....
have a good weekend everybody
i halved it because those are the estimates given to US all by the analyst in one of the articles.........
its likely due to the expenditure associated with the cost of expansion........either way its better to have consevative numbers and be pleasantly surprised........like ive said i'm still holding long term but even at this low price i wont be quick to add as this is strictly speculative and a big gamble...........
http://www.risco-energy.com/operations-and-investments/offshore-oil-a-gas-philippines/-galoc-field.html
nice chart of galoc aka sc14c and all its owners
interesting note is that Nido is poised to profit 10X more than Fep.l will SPECIFICALLY on the sc14c ownership being exactly ten times more for "nidof"....
so therefore Nidof with its cash holdings aside.....should be worth its weight in equity here..............and not factoring the potential make or break that sc72 will be for fep.l......nidof is the safer and better investment.
investing in sc14c?? go with Nidof hands down
Going for Boom or Bust with sc72? ... go with fep.l and fecof
just a reminder....
heres a link to back up what i'm going to write....
http://208.184.76.172/pilipino-star-ngayon/showbiz/767943/breaking-news/780482/function.fopen
basically fep.l had a 3.4 million profit in 2011.....that should be halved in 2012 due to an understandable expansion/drilling into their most productive field in galoc< they stop pumping for construction>,,,,,,,so in other words its temporary and justified....so that should still yield us more profits of over 1 mil in 2012....costs might rise short term due to the project...so definitely more than the 200 grand spent in costs 2011........Regardless fep.l should post a profit again so in a different way of thinking...............even though fecof is burning thru its cash.....its equity in fep should help balance it out,,,,,,and as long as they have a reasonable line of credit thru their equity holdings......they shouldnt be forced to dilute,,,,,,this is all in theory though and they have diluted in the past....
So on one hand i am admitting and happy to say that there is a floor for fep.l................but its only temporary.........the go ahead drilling and cost of a whopping 80 million in costs.....if allowed to do so for sc72 will be a MAKE OR BREAK for this company......
Fep.l will either be a billion dollar company or it will be Bankrupt if the project after drilling costs proves to be fruitless for whatever reason.
This is a total gamble..............without a floor when factoring sc72 costs......might as well look at it as buying a call option.
Just my opinion, good luck to all and hope its a billion dollar winner.....the article says Galoc was a premium product, if we can be so lucky with sc72 it could be a truely rare find and we are on the ground floor......all or nothing like in those poker tournaments.
05/11/2012 Oil production off Palawan to rise in 2013
Oil production off Palawan to rise in 2013
By Amy R. Remo
Philippine Daily Inquirer
11:46 pm | Monday, November 5th, 2012
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Australian firm Nido Petroleum Ltd. expects to generate strong cash flow in the second half of 2013 when the two wells to be drilled under the second phase of development of the Galoc oil field in offshore Palawan start producing oil.
In a regulatory filing, Nido Petroleum managing director Phil Byrne said that based on the estimates of field operator Galoc Production Co. (GPC), the Phase II development would “lead to the recovery of an additional 8 million barrels of crude from the field and it anticipates (that) the two new wells will increase field gross production from Phase I levels of 5,200 barrels of oil per day (bopd) to a combined field rate of 12,000 [bopd].”
The share of Nido Petroleum, which holds a 22.88-percent interest in Service Contract 14C, will thus increase to more than 2,700 bopd starting in the second half of 2013. In annual terms and on a net-to-Nido basis, the company’s annual production should increase from around 400,000 barrels to between 900,000 and 1 million barrels.
“Since Nido’s crude from Galoc is a premium product, it is easily placed into the regional markets and we are consistently achieving prices of [about] $110 a barrel. In other words, Nido should be generating very strong cashflow from the second half of 2013,” Byrne explained.
The ongoing $188-million Phase II development for the Galoc oil field will involve the drilling of two subsea wells, which will be tied back to the existing floating production, storage and offloading (FPSO) facility. There is also an option to drill a third well in the Galoc North prospect following the completion of the two development wells. Apart from increasing reserves, the development will extend the life of the Galoc oil field by another five years.
Meanwhile, Byrne disclosed that over the next three months, Nido Petroleum would embark on a three-pronged strategy, the first of which is to “maximize the production from our development opportunities and existing discoveries.”
Apart from the Galoc oil field, Nido will also be focusing on the development of the West Linapacan field also in offshore Palawan, which is covered by SC 14C2. This field earlier produced 8.5 million barrels of oil before being shut in 1996 due to low oil prices. By hainholz
21:26 28/10/2012 Highest volume since april
http://www.thegwpf.org/energy-may-lie-at-root-of-china-japan-island-dispute/
Manuel V. Pangilinan: A Troubled CEO
Published on 18 October 2012 Hits: 1,161 Written by Tony Lopez
Philippine Long Distance Telephone Co. Chairman Manuel V. Pangilinan has had a lot of problems and troubles lately.
He failed to buy broadcast leader GMA Network despite agreeing to a hefty sum for 100 percent ownership. The purchase would have given him control of 60 percent of the TV business, made him an undisputed media mogul, and enabled him to expand tremendously his content for his cellphones and newspaper and TV assets.
The GMA deal would have exposed him anyway to rigorous public scrutiny why an ostensibly Filipino company but which represents foreign interests owns equity in media in all three platforms—radio, television and newspapers, something prohibited even during the rambunctious days of Marcos’s pre-1972-martial law presidency.
His Philex Mines spilled over 20.69 millions tons of toxic materials (ten times the spillage from Marcopper in 1996 that killed Marinduque’s Boac River) from its biggest gold mine Padcal into a major river system in the north damaging it perhaps beyond repair, prompting the Department of the Environment and Natural Resources to slap a P1 billion fine on the company. And that is only a start.
The government has issued new mining regulations that would restrict the industry’s growth and increase the state’s share of mining profits.
MVP’s connector road linking the North and the South Expressways thru Makati and Quezon City has risen dramatically in cost, to over P25 billion.
He severed ties with and cut off funding to his alma mater Ateneo de Manila University over questions of plagiarism (his 2010 graduation speech to its graduates was lifted from three foreign speeches), reproductive health (RH) bill, and the university’s anti-mining posture. The cutoff involves up to P25 million in funding to Ateneo.
In the future, Ateneo should make it a policy to accept donations only if they are untied or without strings attached. Otherwise, the venerable university becomes hostage to financial blandishments. It should tell donors with strings attached – screw you. (I am sure screwing is taught at Ateneo).
Meanwhile, a senator of the Republic accused MVP to be behind the ruckus between the Philippines and China over islands and islets in the South China Sea as a coverup for findings that Recto Bank oil exploratory area is no major oil deposit; just gas.
MVP’s flagship PLDT company’s growth has hit a plateau in both revenues and profits. With Skype, Viber and applications making phone calls and video free, there is no way one can squeeze virtual blood out of telephone turnips.
PLDT has one of the highest market caps among listed companies. As of this writing, the telephone giant was valued at P585 billion.
PLDT claims to have a free float of 53.89 percent but the Supreme Court has made final its decision ordering the company to restructure its ownership, both in common shares and preferred shares to reflect the 60 percent Filipino-40 percent foreign ratio.
It seems that a minority group, Philippine Telecommunications Investments Corp., the one Pangilinan represents, has majority voting control and management of the company. This minority is a foreign company although on paper, it is Filipino with 12.05 percent common share ownership of PLDT.
The big common share foreign investors in PLDT are: JP Morgan Asset Holdings of Hongkong 22.69 percent; NTT DoCoMo of Japan 12.05 percent; and NTT Communications Corp. 5.85 percent. These three together already own 40.59 percent of PLDT’s common shares which means PLDT has exceeded its 40 percent foreign ownership limit, even without counting that PTIC is foreign owned.
So far, investors have not discounted Pangilinan’s and PLDT’s problems. PLDT common hit a 52-week high of P2,940 on September 17, this year, up 39 percent from its P2,116 closing on October 5, 2011. Since hitting the P2,940 per share high, the stock has declined only by 8.36 percent as of yesterday’s closing.
Finally, MVP threatened to pull out his stakes in the Philippines (“Angguguloninyo, You are so rowdy,” he said) and return to his home base Hong Kong, prompting a rabid pro-Aquino columnist of a major daily to call his bluff and treat him like an alien leper.
The MVP Group companies in the Philippines include ten major companies or businesses: Maynilad, MPTC, Meralco, Healthcare, PLDT, Philex Mining, Philex Petroleum, and Metro Pacific Investments Corp.
As of July this year, the MVP Group had total market cap of P1.194 trillion, revenues of P480.32 billion, core net profit of P72.36 billion, core EBITDA of P143 billion, capex of P62.94 billion, gross debt of P216.24 billion (as of end-2011) and net debt of P99.25 billion (as of end-2011).
Certainly, there are businesses much bigger than MVP’s Group and the Philippines is much, much larger than MVP and his Group.
bna.biznewsasia@gmail.com
this was released sept. 24th,,,,,,this old posts are so burried its hard to find them til like 5 or 6 weeks later sometime.....I figure any quote with some facts and numbers are still worth posting even it it only adds tidbits of more info:
http://opinyon.com.ph/index.php/article/read/forum-shopping--the-forum-energy-controversy
REPORTS have it that Forum Energy is eyeing to tap an international oil company (IOC) as a third partner in the Recto Bank exploration venture.
"I would like at least to have a third partner, seeing something that proceeds with CNOOC (China National Offshore Oil Corporation); and assuming that we'd like to see an international oil major to be part of the equation," Manuel V. Pangilinan said.
Philex Petroleum is majority stakeholder of United Kingdom-headquartered Forum Energy plc, which is the operator of Service Contract 72 covering the Recto Bank oil and gas exploration block.
For the partnership arrangements being pushed, Pangilinan admitted that their future move would be to convince all parties "to agree to it; and for the government giving consent to it." He did not disclose yet which global oil firm is being eyed for any farm-in deal in SC 72.
Pangilinan has noted that the tie-up explored initially with CNOOC has been a "commercial partnership."
He stressed that "when we met (with CNOOC) in May, it was quite productive. They wanted to explore the notion of a commercial partnership."
Pangilinan emphasized though that the stance of both parties will consider a lot of things in the negotiation table, hence, they would have to proceed cautiously with it,” he was quoted as saying.
"For this, you have to deal with foreign government...you have to be expert in Chinese affairs. We have to play it by ear. We have to understand how they operate, how they make decisions," Pangilinan stated.
He added that in exploring that deal with CNOOC, it was also preeminent in Forum Energy's concern to consider the Philippine government's interest in the whole process. "Of course on our side, we have to appreciate what is important to our government and our country," he said.
While mulling over options on tapping foreign partners for the Recto Bank venture, Pangilinan has re-affirmed that drillings at the block have to be deferred to next year because of the lack of rigs that they can contract for the activity.
He noted that they will correspondingly inform the Department of Energy (DoE) on that plan based on the 90-day notice set for petroleum service contractors on their drilling schedules.
Forum Energy has budgeted $80 million for the drilling of two wells at the Recto Bank this year. The company though is given until 2013 to accomplish that commitment under its seven-year work program submitted to the energy department.
The gas potential of the block was reported to be heftier than Malampaya's yield, but the drillings have yet to confirm if the reserves are really of commercial scale.
Forum Energy Plc. finally has also received clearance to start drilling in South China Sea following the conversion by the Department of Energy of the firm’s geophysical survey exploration contract (GSEC) into a full service contract.
“We are pleased to have finally secured the Service Contract over the GSEC 101 area in what is a company-changing development for Forum Energy,” Walter W. Brown, Forum Energy chief executive officer, said in a statement.
“Full details relating to the contract work program will be announced shortly,” the firm said. “We intend to push forward with the appraisal of this gas field to commerciality.”
“Given the potential size of the resource and proximity to the Asian markets, we believe this project is an ideal candidate for an LNG (liquefied natural gas) facility,” Brown said.
The Malampaya gas field, in comparison, has confirmed reserves of 2.6 trillion cubic feet.
GSEC 101’s conversion into a service contract was delayed as the area is covered by the tripartite deal of Philippines, Vietnam and China in 2005 for a three-year joint marine study in the South China Sea, which includes the disputed Spratly Islands. The agreement was signed by Philippine National Oil Co., China National Offshore Oil Corp., and Vietnam Oil and Gas Corp.
The deal involved joint marine seismic research without drilling activities.
Forum Energy’s other oil and gas assets in the Philippines include a 66.7% interest in Service Contract 40, a service contract in Cebu which contains the onshore Libertad Gas Field and Maya discovery, and a 2.28% stake at the Galoc oil field.
Forum Energy was established in April 2005 through the consolidation of the assets of FEC Resources, Inc. of Canada and Sterling Energy Plc of the UK into one corporate entity
same story dif. author
http://business.inquirer.net/91112/forum-wants-to-start-recto-bank-drilling
youre welcome,
Not a long wait? I guess its perspective then. I do believe its fair to say that the deadlines have been pushed back more than once<fact>......and just waiting for approval for this testing of the sands/soil stability for drilling and even the hopeful april drilling unavoidably pushes the entire project back further and further................I still think its worth holding if it is proven[/i] to be a billion dollar project that can be succesfully drilled and it will still remain a strictly speculative play although a good one at that, until we finally overcome those obstacles/steps one by one.
Nidof <in the same philipine waters>had "no china probelem" and yet could not overcome the obstacles mentioned above<succesful drilling on their last attempt>.............and Nidof has much more play<possibilities/diversity> going for it as a company <stock crashed at 3 pennies>.
Anyways........I hope most of us have a long term horizon and are strong holders of this stock so it will finally have a floor and less volatility going forward. I can hold for 10 years and dont mind toasting all of you at a shareholders meeting 6 to 10 years into the future if the sun shines our way. If it doesnt i am prepared for it.
I am just curious EOM....what do you personally put our chances for sc72 being successful? I dont put it at more than 25-30% right now but is still worth the risk for me at this point. You come across as 100% sure which is why i challenge your posts sometimes.
Best of luck to all.
long timelines......new info:
Forum seeks permit
By Alena Mae S. Flores | Posted on Nov. 05, 2012 at 12:01am | 247 views
Forum Energy plc, an oil and gas company controlled by Philex Mining Corp., will likely ask the Energy Department to extend its work program under service contract 72 in offshore West Philippine Sea, an official said over the weekend.
Manuel Pangilinan, Philex chairman, told reporters Forum Energy did not obtain approval from the government to conduct surface exploration of SC 72 covering the Recto Bank in October.
Philex Mining owns 64.45 percent of Forum Energy through its interests in FEC Resources Inc. and Philex Petroleum Corp. Atok-Big Wedge Company Inc. owns 25.95 percent while minority shareholders in the UK hold 9.6 percent.
“We were scheduled toward the end of October to have a geotechnical drilling vessel out there to do 7 to 10 days of work, principally to determine the stability of the soil in respect of the projected appraisal drilling well sometime toward March or April next year,” Pangilinan said.
“We wrote them again on October 8 that we have not received a notice to proceed. We cannot proceed without their permission,” Pangilinan said.
Forum Energy’s work program calls for the drilling of two exploratory wells between now and August 2013.
heres another article of interest that for whatever reason people have not reposted...........maybe because its not so positive and brings a healthy dose of skepticism.
I am long on this stock but i am cautious and a bit skeptical because these redfaced liars pulled a fast one on everybody <shareholders> about the gold mine which had zero substance behind it......total farce.......only because i see the govt of the phillipines getting behind this do I still chose on the likely validity of the gas find...................but with these 3rd world crooks you never know when youre dealing with a crafty fraudulent scheme....extensive one at that still a possible scam.
what are your opinions of MVP? about Trillianes? the players?
http://globalnation.inquirer.net/50766/pangilinan-fumes-threatens-to-go-back-to-hong-kong-youre-so-unruly
CNOOC meet
He came under fire for visiting China in May to meet officials of state-owned China National Offshore Oil Corp. (CNOOC) for a potential joint venture in Recto Bank.
Based on Brady’s notes, which Senate President Juan Ponce Enrile read on the Senate floor on Wednesday, Trillanes claimed that Pangilinan wanted to create an event to divert attention from Reed Bank because the gas find there was not substantial (contrary to Forum Energy’s claim that it contained the country’s largest gas deposit, a volume way bigger than Malampaya’s).
“Mr. Pangilinan asked the Chinese group not to release findings because they needed time to recover their investment first and sell off to another buyer,” Enrile said, reading from the notes taken by Brady during one of her meetings with Trillanes in China.
Enrile defended Del Rosario and accused Trillanes of working for China. President Aquino earlier named Trillanes his back-channel negotiator working independently of the Department of Foreign Affairs.
Pangilinan is managing director and chief of Hong Kong-based First Pacific Group, owned by the Salim family of Indonesia whom the former Bancom executive convinced to invest a substantial chunk of its money in the Philippines following the 1986 Edsa Revolution.
Conglomerate
After initially going into drug distribution, packaging and real estate development, First Pacific is now in telecommunications, media (including the Inquirer), mining, power, toll road, water supply, port operation, hospitals and oil exploration.
‘Preposterous’
Pangilinan said Trillanes’ allegations were preposterous because Forum Energy had yet to find a partner for SC 72 and CNOOC was only one of several options his group was considering.
He said neither CNOOC nor any other entity had full knowledge of the extent of the gas find, which was touted to be five times bigger than the Malampaya gas find and enough to serve the country’s natural gas demand for one century.
Pangilinan said that Forum Energy’s report on Recto Bank’s potential was based on estimates subject to further confirmation and that nowhere did it declare that this potential was “bible truth.”
i did not say 10 years........i said 5 years.........and the truth of it all it will likely be more than that....below is actually a link that says upto 10 years so call the dogs off me and please do your own homework......do you always jump in the pool head first before checking the actual depth? most info is right there on their own website.........good luck to you, stay informed and with a loooooooooooooooong term mindset we might both be millionaires in 6 years.......or not...............they dont need to drill it all out for fep to become a billion dollar market cap....just the initial succeful phase of extractment<6 years?> will get this price in the 75 cent to dollar range.
where do i come up with that?
the official news releases themselves.........this is a roughly 3.5 billion dollar project or more and will take roughly 5 to 6 years.....the delays push us back further.........also malampaya took around 3 years as well...........go google it.......I'm sure the long time investors here will remember what i say but you can search and verify it yourself,,,,,,,,,,,,
http://www.philstar.com/Article.aspx?articleId=655299&publicationSubCategoryId=66
http://www.reuters.com/article/2012/05/08/philippines-china-idUSL4E8G853M20120508
http://articles.chicagotribune.com/2012-05-08/news/sns-rt-philippines-chinal4e8g853m-20120508_1_chinese-maritime-surveillance-cnooc-china-firms
hhhmmmmmmmm.......
why do you interperet Levelheaded......................as Negative???
why do you mistake Realistic with pessimistic.......etc??
and then you actually agree with me when I call it " a longshot"................and by the way.......a roullete wheel has 38 to 1 odds.............not 200 million to 1 odds like powerball....you go farther than me by calling it a lottery ticket.......it could pay off like a lottery ticket but the odds are way better.
Can I find a better long shot??? NO....i can't.....at least not yet.............thats why i own it........a million shares worth.
what did the hypers succeed in doing by posting......"oooh yeah....big news!! stock going to a dollar real soon.....blah blah blah..?"
...there is a step to step method and proccess to getting to that 10tcf plus....and its at least 5 years or so before we even have access to that gas if possible/reachable.......i'm just realistic about it....are you?
the leviathan story is nice,,,,,,,,,,,,,but the have the best grade............malampaya does not.......we will resemble malampaya in quality..........leviathan "verified" it with drilling exploratory wells.....we have not.....not yet anyway and i pray that we do.....weve spent over a year just posturing with china and waiting for their permission for a conversation......its turned into a big joke but i remain hopeful in the USA agenda/pacific pivot.
I dont need to go on other boards for other stocks.....this is the exception because its like a niche Stock.....unique in its ownership and this board is where it can be best discussed.....I actually warn against penny stocks as 98% are all losers....I made an exception for this as a way to own fep.l
anyways.............stay realistic for your own good and know that this will definitely take a looooooooooooooooooooooooong time to play out if ever..............and if it takes too too long fecof will get diluted and we risk on a service contract expiration as well..........
best of luck to all.
i'll sell them to you for 3 pennies and i'll buy them back at .015 for the next 3 months to 6 months.........................
I'm just saying they should be STrictly a speculative longshot investment because there are way too many obstacles and variables to have this represent more than 10% of your portfolio.....if you like to gamble your entire paycheck for a longshot i suggest you go to vegas and try the roulette wheel......they even give you free drinks......you will see a better pay out % wise in a shorter amount of time and with better odds than fecof as it currently stands....................if we are allowed to drill finally and it doesnt implode like nidof did...........then maybe fecof will be the better odds,,,,,,,but til then i will gladly sell you my shares for 3 pennies.
they have the best grade...almost pure
we still have the china obstacle that may very well not be overcome in our lifetime and the possibility of a Nidof type screwup where wellwater collapses the whole damn thing.........
I still remain hopeful as this is a strong "speculative" play with a potentially huge upside.....fecofs cut of a 90 billion dollar equity will be dwindled dramatically after all govt cuts.taxes.expenses..etc........but still a one billion dollar cut within 5 years for a 5 mil company is a Huge multibagger
last month..............interesting/different perspective.
THE BACK CHANNELS: Trillanes, US and Pangilinan
By Ellen Tordesillas, VERA Files
Posted at 09/20/2012 8:45 PM | Updated as of 09/20/2012 9:02 PM
Sen. Antonio Trillanes IV acted as the Philippines’ backdoor negotiator with China from April to July this year, communicating with Chinese foreign affairs officials in a role, Presidential Spokesperson Edwin Lacierda said, in which he won “minor successes.”
Lacierda, though, did not give details.
Trillanes said President Benigno S. Aquino III gave him the assignment verbally and could not produce any documents to prove he was acting in an official capacity. The role was fraught with deniability, with Malacanang even saying it was Trillanes who sought the job.
Based on various interviews with Foreign Secretary Albert del Rosario, senior foreign affairs officials, Chinese sources and with Trillanes himself, VERA Files assembled the following timeline of Trillanes’ involvement in the dispute between the Philippines and China over Panatag, also called Scarborough Shoal:
April 8, 2012
The Philippine Navy’s lone modern naval patrol frigate, BRP Gregorio del Pilar, apprehended eight Chinese fishing boats with sizable quantities of endangered marine species, corals, live sharks and giant clams.
The Chinese immediately sent sometime three Chinese Marine Surveillance (CMS) to protect their fishermen. BRP Gregorio del Pilar was withdrawn in consonance with the agreed terms of engagement of “white to white, gray to gray.”
“White to white” means civilian ships are to deal only with civilian ships, in this case the Philippine Coast Guard to the Chinese Marine Surveillance. “Gray to gray” means navy to navy.
The Philippine government sent Philippine Coast Guard and Bureau of Fisheries and Aquatic Resources patrol ships to the uninhabited rocks 124 nautical miles off Zambales province in northwestern Philippines. The Chinese sent more reinforcement.
At the height of the standoff, the number of Chinese vessels and fishing boats reached almost 100.
April 14, 2012
On the diplomatic front, talks were deteriorating with Foreign Secretary Albert del Rosario accusing Chinese Ambassador Ma Keqing of bad faith.
“It appears there is an element that is lacking in our negotiations. I seek a deeper element of trust from our Chinese friends,” Del Rosario said in a press statement.
Chinese sources said the Chinese leadership was confused with all the mixed signals they were getting from Malacañang, the Department of Foreign Affairs and the media, and they wanted to get directly to President Aquino.
May 2012
As tensions between Manila and Beijing worsened, Executive Secretary Paquito Ochoa asked Trillanes whether he “would like to help,” Trillanes said in interviews on Wednesday. He said he saw nothing out of the ordinary with the request since he had earlier also gone to Vietnam on Malacanang’s request.
Trillanes said he looked up Chinese officials he had met in his earlier official visit. Sources said some Chinese-Filipino supporters also facilitated contacts in Beijing.
Preliminary meetings were held in Manila and in Bejing to make sure both sides had the adequate authority from the highest level of government.
One of the officials Trillanes was talking with was Fu Ying, vice minister of Foreign Affairs in charge of “Asia, boundary and ocean affairs and translation and interpretation” and fourth in the hierarchy in China’s foreign ministry. She was China’s ambassador to the Philippines from 1998 to 2000.
In one of his trips to Beijing, Trillanes reported to the President by phone. The President informed him that he will be on speaker phone so the other cabinet members can listen in and be guided accordingly. Del Rosario was among them.
But Del Rosario also had his own backdoor negotiator. In one meeting with the President in Malacanang, Del Rosario was asked by Aquino who authorized the trip of Manuel V. Pangilinan to China to talk with the China National Offshore Oil Corp. (CNOOC) officials.
Pangilinan is chairman and chief executive officer of Philex Mining Corp. that has secured the contract with the government to explore in Reed Bank, an area near Palawan also claimed by China.
Pangilinan apparently had a different account of his trip than what China said he requested of CNOOC. Del Rosario owned up to “sort of encourage Pangilinan to go and open another channel to China thru the private sector since the political channel has failed.”
Del Rosario said it was consistent with the President’s directive. It was at this point that he offered, “I serve at the pleasure of the President.”
‘Simultaneous’ pullout
Days before President Aquino left for London and the United States, Fu Ying was in Washington D.C and met with Kurt Campbell, U.S. Assistant Secretary of State for East Asian and Pacific Affairs.
DFA and Chinese sources said Campbell suggested a simultaneous withdrawal of vessels from Panatag Shoal to de-escalate the tension.
A DFA official said United States Ambassador to Manila Harry Thomas relayed to Del Rosario that Beijing has agreed to a simultaneous withdrawal.
This is the “agreement” Del Rosario said Beijing reneged on. He referred to this agreement in several statements.
A DFA statement attributed to Undersecretary Erlinda Basilio, who was in Italy at that time it was released, explained why there was no ASEAN communiqué in the last meeting of foreign ministers of the Association of Southeast Asian Nations in Cambodia. The statement said:
“On the reference to ‘duplicity and intimidation,’ the Philippines forged an agreement with a neighboring country for the simultaneous pullout of all vessels inside the shoal, which we undertook in good faith on June 4. Furthermore, the neighboring country agreed to remove its barrier at the entrance of the shoal.
“Yet to this day, the neighboring country has not fulfilled its obligations under the agreement and has maintained its ships inside and outside the shoal, as well as its barrier, in its aim to establish effective control and jurisdiction in the shoal and surrounding waters.”
Chinese sources said what happened in Washington was that Fu Ying told Campbell she would relay the suggestion to Beijing.
Bejing said they would “gradually pull out” of the disputed shoal. “There was never a commitment for a total pullout,” a Chinese source said, explaining that “they have a domestic audience to consider.”
China has always been against the intervention of the U.S. in conflict in Asia and sources said the Chinese officials did not appreciate it that the Americans were negotiating for the Philippines.
First week of June
Based on Thomas’ confirmation, Del Rosario ordered the pullout of Philippine vessels in the middle of the night. By morning, the President was displeased that Del Rosario had made that order. So he called Trillanes to ask the Chinese why their ships remained in the area when the Philippines had already pulled out.
Trillanes was unaware of such an agreement coursed through the U.S. Following the President’s orders, he called his counterpart in China to follow the Philippine move, since both countries had already agreed on a “simultaneous pullout.”
The Chinese sent word to Aquino, through Trillanes, that they would issue a statement to explain the back-to-port order of their ships, and asked that they be given 48 hours to relay the orders to appropriate agencies in Beijing.
Aquino departed for London and the U.S., relieved that the tension had de-escalated.
The Philippines said it pulled out its ships to safety because of the bad weather in Scarborough Shoal. China for its part said they will go back to port to re-supply.
But before China could complete the pullout, the DFA issued a statement accusing China of reneging on an agreement. This angered China, which insisted there was no such agreement.
The Pangilinan connection
As questions were being raised over Trillanes’ role as backdoor negatiator, Pangilinan has come out accusing Trillanes of fabricating lies. Trillanes had earlier said Pangilinan had a hand in agitating anti-China sentiments among Filipinos.
Pangilinan and Del Rosario go back a long way. Del Rosario has been involved in companies run by Pangilinan, being director of the Philippine First Pacific Co. (Hong Kong), PT Indofood Sukses Makmur Tbk, the largest food company in Indonesia; Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., Philex Mining Corp., Metro Pacific Tollways Corp., Metro Pacific Tollways Development Corp., Manila North Tollways Corp. and ABC Development Corp.
Del Rosario had headed the development of Pacific Plaza Towers, Metro Pacific Corp.'s signature project. He is said to have introduced Pangilinan to the Salim family of Indonesia, which is behind First Pacific.
Pangilinan is chairman and chief executive officer of Philex Mining Corp., which owns 74.79 percent of Philippines Petroleum Corp. Philex Petroleum owns 64.45 percent of Forum Energy Plc. (FEP), an oil and gas exploration company incorporated in the United Kingdom with focus on the Philippines.
FEP owns 70 percent of the Service Contract 72, a seven-year exploration contact in the Reed Bank awarded by the Philippine government in 2010. SC 72 contains the Sampaguita Fields said to contain up to large amounts of oil and gas. FEP is committed to dig two wells in Sampaguita by August 2013 under its work program with the government. It is currently looking for foreign partners to invest in the project, including CNOOC. —with Charmaine Deogracias
NEXT BIG THING: DOE banks on BHP Billiton, partners to drill at Cinco natural gas field in 2013
Posted on October 3, 2012 by admin
MANILA – The Department of Energy expects another natural gas field about the size of the Malampaya to rise in offshore Palawan next year.
In a media briefing, Undersecretary Jose M. Layug, Jr. said the Cinco prospect covered by Service Contract 55 could help increase indigenous energy supply.
“While we have been looking at Recto Bank as the next Malampaya, one of the SCs we are very positive about is the SC 55. We are hoping Cinco will be the gas reserve that can backfill Malampaya as we look for potential resource of natural gas,” he said.
The country’s largest natural gas field to date with its 2.7 trillion cubic feet of reserves, the Malampaya fuels three power plants that have generated over 40 percent of Luzon’s electricity requirements since 2001.
Half of the field’s reserves, however, had been exhausted and expected to dry up by 2024.
The DOE had been banking on the development of the Sampaguita field in Recto Bank, which is covered by SC 72, to augment local natural gas supply. The area however had been dragged in the territorial dispute between the Philippines and China.
Controlled by Philex Petroleum Corp., the Sampaguita field is projected to hold up to 3.4 trillion cubic feet of natural gas.
The Cinco prospect, on the other hand, is estimated to contain resources of up to 2.2 trillion cubic feet of natural gas.
Layug said the department expects the natural gas field’s development to push through in the first quarter next year as the SC 55 consortium is negotiating with two rigs that would be used to drill the Cinco prospect.
“We are pushing very hard to make sure BHP Billiton will progress with its attempts to secure a rig,” he said.
Australia’s BHP Billiton Ltd., the world’s largest mining company, ha a 60 percent stake in the project. Its partners in the SC are fellow Aussie firm Otto Energy Ltd. and Trans-Asia Oil and Energy Development Corp. of local conglomerate Phinma Group. Otto Energy has a 32.18 percent interest in the contract, while Trans-Asia has 6.82 percent.
Another Australian firm is also set to enter the consortium after Trans-Asia signed an agreement with Frontier Gasfields Pty. Ltd., allowing the latter to own an indirect stake in the SC by buying into the former’s affiliate. Source: InterAksyon.com
ABOARD THE USS GEORGE WASHINGTON (AP) — A U.S. Navy aircraft carrier strike force's visit to Manila is the latest show of American military might partly aimed at countering China's grip in Asia. But it also provides hundreds of Filipino American sailors a chance to briefly soak in the warm embrace of a second home.
U.S. sailor Ryan Regondola, who was born in the southern Philippine city of Davao, said Thursday that the nuclear-powered USS George Washington's five-day visit underscores America's enduring friendship with the Philippines. He's also excited that the mission means a brief reunion with his Filipino dad, as well as Manila street delicacies including balut — boiled duck egg loved by many for its unique taste, but dreaded by others because of the half-formed, feathery embryo that pops out as an eater munches.
"I missed out a lot, so I'm catching up," Regondola told The Associated Press on board the hulking warship anchored at Manila Bay. "It feels great to be back home."
The Philippines has reached out to the United States, a longtime defense treaty ally, for help in modernizing its acutely outdated fleet of warships and planes and in training its troops amid renewed entanglement in long-running territorial disputes with China in the South China Sea.
Manila's desire to bolster its external defense and security cover has dovetailed with America's intention to pivot away from years of heavy military engagement in the Middle East to Asia, where it has been trying to foster closer economic and military alliances with countries such as the Philippines partly as a counterweight to China's rising clout.
In a highly symbolic gesture in May last year, Philippine President Benigno Aquino III, accompanied by senior members of his Cabinet and military chief of staff, was flown to the USS Carl Vinson to welcome the American warship as it traveled in the South China Sea toward the Philippines for a Manila visit.
The 97,000-ton carrier had just journeyed from a historic mission in the North Arabian Sea, where it had received the Navy SEALs team that carried the body of Osama bin Laden, who was killed days earlier in a highly secretive U.S. commando assault in Pakistan.
Since then, there has been an increasing tempo of high-profile port calls and visits by U.S. warships, submarines and aircraft, including the George Washington, which visited in 2010 and steamed back into Manila Bay on Wednesday for small military exercises and civic projects and to let loose thousands of its crew for a few days of liberty in the bustling Philippine capital.
Manila Mayor Alfredo Lim welcomed Capt. Gregory Fenton, the commanding officer of the George Washington, which will host a reception for hundreds of Filipino dignitaries and military officials.
About 800 of the carrier's 5,500-strong force were either born in the Philippines or are of Filipino descent, according to Fenton.
Navy officer Dioscoro Crucillo had longed wanted to visit his sisters in the Philippines, but managed to return only this week after not seeing them for 21 years. He said he wanted his homecoming to show that he hasn't changed, that he's still "a native son, proud of both worlds."
Another Navy man aboard the George Washington, 19-year-old Spencer Rhoades, is the son of a Filipino woman and an American rail engineer.
His parents brought him to the poor central Philippine province of Samar, where his mother is from, when he was 5 years old, and he did not return to the country until this week. Rhoades said he was aware of the geo-political issues surrounding the American presence in Asia but would rather simply enjoy getting back to his roots for now.
"I see a lot of it on the news, in the newspapers, and it's hard not to think about it," Rhoades said. "When I come here, it's just to relax, get off work a little bit and just kick my feet up ... I get to see where my mom is from and see the culture."
From the George Washington, passenger boats ferry hundreds of American sailors in casual clothes to the Mall of Asia, one of Asia's largest shopping centers, where some bars blared loud disco music on a rainy noontime Thursday to attract the visitors. Smiling mall workers handed umbrellas to the large throng of sailors.
Such U.S. military presence in the region has in the past annoyed China, which has warned the United States not to intervene in territorial disputes Beijing says should be dealt with one-on-one by Asian claimants.
Amid the murky situation, Washington has walked a tightrope by providing military support to allies like the Philippines and declaring that it will help ensure freedom of navigation in disputed South China Sea areas, while also saying it does not take sides in the disputes to avoid being drawn into the wrangling.
"We are firmly committed to helping support the nations that are involved in the disputes, but ideally we'd like to see them sort out their disputes via diplomatic channels," Fenton told reporters.
"We're very sensitive to the areas that are under disputes," he said. "We do make a very conscious effort to stay away from those areas."
well thats roughly 3.8 mil per year in Revenues if you base it on $90 dollars a a barrel per day average for a year.......................the usa will be pumping out lots of oil this year so prices should drop unless the middle east shuts down .....economy aint so hot either....maybe oil at 80 bucks......
anyways,,,,,,,,big payday or no-day will totally depend on this china situation and how to drill whats ours without being attacked by commie invaders.