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give credit where credit is due.Aquino has been handling this matter well....and standing his ground firmly in his talk. You have to respect that coming from a guy who doesnt seem the least bit intimidating.
I thought that 9 dash line came all the way up the coastline of palawan,,,not that i agree with it.............just, thats what i remember
hi Ceemoney
The only thing deep with this company that i have is 25 grand invested in them.....I do read the articles almost daily but i dont have any further knowledge additional to what is reported and is official. i have atached the direct link to where i got the quotes, but at the end of the day.....you cant hold them to their quotes as they have pushed things back before....and even that they were "misunderstood"........... and when i relay what i read from them.....its my perception of what it means(i could be wrong)...........but it does contradict when he says they are going to honor their agreement by drilling two wells by june 2013,,,,,,and then also being quoted by the same reporter that it would be unfortunate if they cant over the sovereignty laws"..................actions are bigger then words and I am hopeful because we do have a battleship sent there supposedly to mainly protect sc72 as if drlling there was imminent.
heres the link:http://www.foxbusiness.com/news/2012/02/29/forum-energy-to-continue-exploration-in-disputed-reed-bank-prospect-philex-ceo/
also the news articles today about the chinese embassadors words going forward changes everyday...........they seem to be softenning their language for co-operation,,,,,,,,but also looking to get "grandfathered" in under unclos , in other words they are looking for exceptions to the rule, or at least still trying to use a Bargaining chip that they dont really have.
these cultures remind me of flea market / bazaar mentalaties........they bargain everything......and a popular strategy of bargaining is ask for more than what youre willing to take, and bargain with something you dont really have in the first place so you dont really lose something but get a compromising advantage anyway.
So drilling by June 2013 on Paper......could be delayed........and also a small chance it can happen sooner if the chinese come closer to a compromise/agreement that they dont deserve in the first place............it looks like the philipines are willing to allow cnooc to drill sc72 as part of the compromise, but not share in the deposits,,,,just the work order which is still Huge . I personally wouldnt trust the chinese to do that but this is politics here.
wells by June 2013.
"We intend to comply with that work program," Pangilinan told reporters after announcing Philex's 2011 results.
The Reed Bank is adjacent to the Spratly Islands, a group of small islands in the southern part of the South China Sea which are also claimed in all or part by Vietnam, Malaysia, Brunei and Taiwan.
Early last year, a survey ship hired by Forum Energy reported that two Chinese vessels in the area had threatened to ram it.
"It would be unfortunate if, because of the sovereignty issue, we can't develop the resources there. I do hope the sovereignty issue can be resolved," Pangilinan said.
The plan puts the Philippines and China on a collision course, as the Chinese government has made it clear that any non-authorized oil or gas exploration in the area would "complicate and magnify" the territorial dispute.
i highlighted the quote that troubled me the most.........its 3 weeks ago now in a foxnews website and it still rings a lack of confidence or the unsurity in the development of sc72. In one hand i respect the honesty, but on the other hand it is a sign of weakness and this is obviously whats still keeping the investors away
ma's doublespeak makes me sick.
Trust no one....thank god the philipines were smart enough to request immediate usa support in the protection of the reed bank.......... I still remember a year ago or so when reading the story of the chinese landing on the reed bank and trying to build a base of sorts.........My stomach churned,,,i saw my 25 grand disappear in a no hopeless scenario.....the turn of events to where we are now shows we were literally days away from a lost cause...........Luckily the US was quick to respond but it could have easily been left wayside in these games of chess.
These chinese are still playing chess.........hopefully they realize that they are better off not taking the reed bank piece < just a pawn piece> as to continue with a better strategy of playing this game of chess.
hopefully this high risk gamble we all invested in that others were scared away from pays off for us in bundles of cash........but it still seems we are years away from progress than months at this rate of speed diplomatically...............maybe when i look back at it it wont seem that long.......i'm just envious that apple investors have seen such a nice return in a sure thing while we wait in this gamble.
this is somewhat troublesome and it looks like co-ersion from the chinese-taiwan connection, but nonetheless this can potentially slow things down and maybe even stall them completely in the courts.......................
it looks like the chinese are implementing strategies of "the art of war" in this conflict.............a divide and conquer strategy
yet another zero volume day again today,,,,,,,,,
this can be viewed as one of three ways i believe.
1. there was no buying ......and therefore there is no interest in this stock even at todays prices of a market cap around 10 mil.......the reasons could be various......lack of exposure maybe,,,,,,,,,,,,,,or simply undesired risk...either way there was NO DEMAND......this is not viewed a good thing.
2. There was no selling................besides Philex not selling any of their shares today, neither did the roughly 100 individual investors,,,,,we are hording it away for much higher prices and not looking to daytrade this position......but actually have invested for long term or HUGE profits. A strong position and a very thin float can do wonders for a dramatic price increase in a stocks performance given excellent RESULTS ontop of Good Speculation.
3. It could be meaningless,,,,,,just another day of trades<or non trades> of a thinly traded stock.........it could be argued that the shareholders are already fully invested.........but also argued that if it is such a great price,,,,,why not add 200 bucks every week or so if you really think this is a 20 bagger?Or is it all really meaningless as this is just a penny stock on the Pink sheets and therefore not even looked upon as a real company to begin with.
Just curious as to how some of the members perceive this situation
what about this quote?? another mistake again or do i really have to wait a year and a half to see this thing drilled??
Philex said it would comply with a work program agreed with the Philippine government, including drilling two wells by June 2013
maybe thats just the deadline?,,,I just wish it was bit more simpler and faster
Forum told shareholders earlier this year that the block could contain 40 trillion cubic feet of gas, a bigger reserve than the nearby Malampaya gas field operated by the Shell group. It fuels half the power needs of Luzon, the main island of the Philippines.
they said 20 trillion.....when did they say 40?? this has got to be a mistake on the reporters side......maybe they said 3.4 and potentially another 20 tcf.......round up to 25 if you must and I think thats best expectations and mostly unlikely....... 40 would be a watershed moment for us.........just not realistic.
you make an excellent point xyzNick, about the "dwarfing" remark.....
I tend to never take a politicians statement as Fact anyway as they tend to exxagerate, get ahead of themselves,lie, and maybe even fall victim to rumor....BUT it has sparked my interest as to possible priviledged information that he Maybe has gotten as well.
thanks for the point of view
good luck to all.
I have a question to the open public..
the below quote thats about 4 months old or so.....is it a mistatement?? did he mean to say "a british company" FEP>L as opposed to saying "an american company" or is he referring to the driller that is yet unnanounced for sc72? or is he talking about something different than sc72 altogether? just a curious combination of quotes put together that are either a mistake or yet unnanounced facts/potential deals.
Almendras explained Recto Bank is located within 80 nautical miles of the Philippines and more than 500 miles away from China. The Forum Energy Plc of the UK would undertake the oil exploration.
Almendras said his clarification would help prevent a misunderstanding with other nations like Malaysia and Vietnam that signed an agreement not to touch or develop any part of the disputed Spratlys.
“We don’t want to create a scenario that may project that we are not abiding (by) the agreement. We will honor the agreements,” Almendras said.
He added that oil explorations would be pursued but only in Recto bank, which as far as the Philippines is concerned is within the country’s jurisdiction.
Aquino is determined to develop the newfound site in accordance with the existing international laws.
“We are working on steps to determine if they actually own them consistent with United Nations Convention on Law of the Sea,” he said.
Aquino earlier revealed here before a crowd of chief executive officers that the government has found a new site that will “dwarf” the reported gas deposits in Malampaya oil fields in Palawan.
“There are substantial gas deposits that we believe are already on the proven scale at this point in time will dwarf the existing Malampaya oil fields,” Aquino declared in a panel discussion that delved on energy security.
Aquino, however, did not mention where the site is, except in saying that “there is a new field that is gonna be brought up, or is gonna start I understand by next year (2012) by an American company in the northern portion of the Philippines.”
He hinted, however, that explorations in this area may not be that simple, borne out of territorial concerns, like the issues over the exclusive 200-mile zone, where the Philippines should have unbridled access.
IS HE TALKING ABOUT A DIFFERENT AREA /COMPANY ALTOGETHER in the last paragraph?
information links and pictures:
http://z3.invisionfree.com/Defense_Philippines/index.php?showtopic=866&st=960
in the above link is where i found this:
Forum Energy finally got a permit to mine gas only recently. For years, after financing the Recto Bank exploration at millions of dollars, the government refused to grant it a service contract. This was because President Gloria Arroyo included the Recto Bank in late 2004 in a Joint Marine Seismic Undertaking (JMSU) with China.
Exposed only upon expiration in March 2008, the JMSU was criticized as unconstitutional. For it gave China, and later Vietnam, the right to explore Philippine natural resources. Although in the nature of an international treaty, the JMSU was never submitted to the Senate for ratification. Arroyo released $5 million a year for three years as Philippine contribution, without consent of the House of Reps.
* * *
Lawyers saw treason and plunder in the JMSU. The deal was supposed to be for joint exploration in “disputed waters” of the South China Sea, meaning the Spratlys. But four-fifths of the 142,886-square-kilometer coverage was in the Recto Bank. Arroyo in effect gave China the excuse to lay claim to the area that up until then was never disputed. In exchange, China gave the Philippines $2 billion a year in loans padded with at least 20-percent kickbacks. These were disguised in 65 anomalous deals, among them the NBN-ZTE and Diwalwal-ZTE scams, Northrail, Southrail, and the lease of a million hectares of farmlands to China.
In 2009 China included the Recto Bank and Palawan oilfields in its “nine-dash line” territorial assertion over most of the South China Sea. Since March 2011 it has intruded seven times in the Recto Bank and harassed Philippine exploratory and fishing vessels.
* * *
I have come to the assumption/conclusion that fep.l was sold out by the corrupt arroyo govt. for kickbacks and deals with the communist chinese govt.
this new govt. has shown to keep its dealings honestly with the philipine people and not selling them out and has also shown to honor its business deal/contract with fep.l by giving them a service contract and all the other news we have gathered. China feels cheated after not having its crooked deal not be honored by the crooked arroyo govt.
the philipines just needs to give back the loans and crooked/unconstitutional kickback money it received from china in the first place and call it EVEN.
IF SC72 does reach into disputed waters...... including the 1/5th mentioned above, it could get tricky here.....maybe even lead to an undesired delay in the project until the legality of it all gets cleared up..............I strongly hope this is not the case.
just a thought:
I just bought 45 k shares yesterday on a little more than 1000 dollars...........
There is roughly 100 member/shareholders on this stock following it on investorshub.com
if all 100 members did what i did yesterday during the next week
round off to
50,000 shares
multiply 100 people
you will easily have 5 million shares traded in a span of a week.......
now imagine if we all invested 5 grand in the span of a week........ the stock would easily jump to 5 cents or even 7 cents , but it would not stay at .027 cents.....and therefore we would end up buying only half the shares we could have if the stock had not changed prices during the higher volume of trading.
solution: nibble away in small pieces before major news announcements, dont chase it........and hoard it away for hopefully a positive outcome where the demand for these shares grow and we happily sit on these shares for a 10 bagger /1000% return and higher...
I wonder if we collectively hold 5% of this stock on this message board.
glta
Despite the dark cloud china still casts over this investment,,and it really is a big dark cloud.....
I still bought 45000 shares today at .027....bringing my total to 750k shares for myself.....another 100k for my nephew as well in his coverdale account.
considering the risk reward .027 seems to be a good price....chasing it back up to 4plus cents on no solid news would be ridiculous... good luck to all
http://online.wsj.com/article/SB10001424052970204571404577252711103194418.html
this story is making the wall street journal online here at home..thats good exposure
I agree with you.....
this is why we have terms like "strange bedfellows"...
do you think China will lend us more money<will china buy more US treasuries?> to help us go to war against them in the south china sea?
its tricky isnt it? our rating being lowered to double "a" is like us getting a "c" rating.....
,maybe its all part of the big pan.........start a war....depopulate the earth a bit since minerals and natural resources including food and water are low.......and with a billion death certificates world govts takes land and homes into posession left by the deceased and unpaid tax bills......and then another growth cycle after war and depression as its all a circle/cycle, anyway
the world reality and how its always been done hasnt changed,,,,,,,,,only our perception and assumption of it has..... i just want to be able to see some profits and enjoy some of that money before the crap hits the fan............thats all..,,,i'm only visiting this planet for another 40 years or so anyway,
I hope for the best but prepare for the worst
glta
There is no reason think that will change anytime soon.
Ken.....
what success did we have taking Afganistan or Iraq for that Matter..........its pointless.......
why would you want to "Take them"? its a lose lose situation unless you are defending your own Borders.
If we use Nukes everyone loses..if we go man to man..they have an army close to a billion.....and even though the chinese females look hot in those red uniforms, they can be just as deadly too with rifles and advanced weaponry.
you are correct in this.
they are calling the reed bank an extension of the spratlys and therefore they trump the economic zone lines..etc....
Having Parents from the greek islands,,,,,I can tell you that greece has a huge amount of ocean/mediteranean sea rights all the way up to the Turkish coast lines since our islands like rhodes are right next to them what Would have been their economic zone line.......
This prevents the turks into going into Greek waters and further prevents them for having any Navy drills of Distance since they are very limited, dare i say surounded by Greek waters.
This is also the main reason that greece has always had the strongest merchant Marines historically.and a decent Navy at that......the reason Turkey hasnt tried to take the rest of greece in war again is mostly because of this geographic advantage to Greece. <p.s., there is untapped oil in the ionian that the EU is trying to swindle them out of.
I point this out because of the main difference between the chinese claims and what Greece has done in Turkey...
Those islands are well populated and with a charter and have historically been so.
The reed bank is nothing more than a Reef which is why China tried to put posts and populate it overnight in the veil of darkness............They Failed.......but a dictator like China pushes its weight around and does what it wants. This Us involvement in trying to keep China back hasnt been done successfully or unsuccesfully depending who you ask since Korea and Viet nam.......and now they got Nukes and Russia behind them too.....lots to lose......definitely a w.w.111 flashpoint possibility if not careful.
there was a similar issue with Japan and China won them out.....so nothing is out of the question with China.
America is Strong but when china owns 30% of our treasuries, has many of our "global corporations" invested there and still wants to walk the tightrope without upsetting China.....the final decision might be a political one rather than a lawful one.......It does seem though like they will at least "defend" for the reed bank but possibly let china take the whole of the spratlys as a compromise<which is probably why they bullied us in the first place, as to have a bargaining chip that wasnt theirs in the first place>.
a sun tzu - art of war - strategy
that china obstacle is whats killed more than half of the confidence in this becoming a huge play..............China is by far the 800 lb gorilla and not just in asia........
the fear of a stalemate is keeping us from attracting wealthier investors....they prefer a more definite variable......not something as unstable as chinas threats and potential outcome.
eliminating potential partners based on this quote/statement
Chinese offshore oil and gas specialist CNOOC Ltd, along with international partners Canada's Husky Energy and U.S. company Chevron Corp., plan to step up exploration in the area but focus mainly in the north, staying away from the politically sensitive waters to the south.
besides that statement.................everything is just old news being summarized for the one year anniversary of the conflict......some assumptions but no new facts,,,,,,, they would be careful to develope these slowly as to keep those oil prices higher.......otherwise if they took out all that oil quickly......with that in colorado...prices would tank......that would make the middle class more wealthy but diminish the strength of the political puppet master/oil companies.
maybe if we slowly buy the rest of the drillers we can monopolize this oil rich region and start our own "standard oil corp" and become the new Rockafellars or Saudi's. Giving the new world order a run for their money
good luck
thanks, I did see that.
My question is...........
does that mean if philex petro gets a contract that it will be done with fep doing the subcontracted work and getting some of that revenue? or is it considered seperate, as just a holding company and not really a dept. in the company that would handle that.
My assumption is that Fep would not benefit from it at all, unless they themselves bid on the contract. They are not a driller....i view them more of a middle man finance company focusing on oil contracts.
I see fep in philex petro the same way i would compare fep's association with fecof,,,,strictly a holding.
if fep makes money, fecofs equity goes up too.........but if Philex's revenues go up it has no correlation or effect on fecofs equity or profits.................although the opposite is true if you reverse the sentence......if fep and fecof makes money than philex/parent company will benefit.
anyway, maybe there is a possibility that they mean FEP afterall, when they talk about the contractual side of philex petro bidding, but the wording in it doesnt make it so. they should be more clear and say a subdivision , FEP , will be bidding...........otherwise its likely to be seperate.
I am not claiming to know for sure what they mean, but the way they state it leaves FEP out of it ..............for now.
glta
doesnt show Fep / forum energy bidding for itself. Does Philex mining getting a good deal/contract help fep.l? if so please tell me how, thanks.....................unless philex petro subcontracts it to fep.l but i dont see that happening....i believe the fep buyout is more of an investment in sc72 rather than to watch fep grow much beyond those projects< i could be wrong>.
I saw "forum pacific" but i dont belive that to be in any relation to "forum energy",please correct me if i'm wrong.....
delaying the seismic for this long, based on this theory of future bidding ,is plausable but not definite.Not seeing fep.l doing the bidding themselves but having the spin-off philex petroleum do it is just another example how Philex Mother can screw both fep and fecof out of their own best chances going forward.......with a flick of the pen nonetheless.
If we see bidding in or around the hotly contested reed bank / disputed spratly chain.........then this will show international unity against chinas claims of jurisdiction........and obviously that would bode very well for fep.l on the issue of sc72
good luck to all
lets take that 3.4 mil in profit and divide it by its roughly 40 million market cap of fep......... thats more than a 10 p.e.........
not bad but comparable to some others in the same field with a p.e. of 5 , its not that awesome either.
of course though its all about sc72 for future expectations, but everything else seems to have been expected and priced in ,,,,,otherwise we'd still see fep around 40 to 50 pence.
i'm glad to see fecof below 3 pennies before any anouncements on sc72..............if anyone needs to add to their position they are better doing it slowly at these prices and in small chunks than to chase it up to seven cents for no real reasons.
there has been NO NEWS of china consenting that they will RESPECT the economic line of the philipines which clearly includes sc72............on the other hand , battleships from the USN and a small but growing patrol of the area is slowly building to protect the area for future drilling.
Fep may or may not honor their scheduled drilling..........delays have been the norm.........they are more vocal now but when the news releases are just frequent rescheduling of deadlines , it simply doesnt say much. One inevitable news release of the 3-d imaging should give us a much clearer picture and bring forth bidders for a farm in project if the results are promising.
so remind us, when are the auction results ? I lost track with all the delays.
the only good thing i can say about the delays is that oil is only going to get more expensive, but thats killing me at the pump instead of pumping up my profits at fecof yet.
The Company is also continuing to assess potential partnerships in SC72, although there are no proposals currently in place
i wouldnt expect any proposals in place til after official anouncement of the 3d results which means 4 to 5 months from now if mid 2012 schedule doesnt change.
when they say they are continuing to explore discussions with farm in partners means that they havent disconnected their phone yet in hopes someone will call them first.....................hopefully the results are good and then we'll get to that phase.
china refusing chinese companies to do business with forums sc72 makes Shell or chevron the clear potential partner
fep revenues will miss previous estimates simply because they shut down one of the wells/fields for improvements and to generate faster revenues when its done. So the estimates going forward will be the important numbers and this news will probably be announced in a timely fashion to coincide with the news of bringing that cash generating oil field back on line.
they could also tie it up with a day earlier anouncement of the 3d image summary that they said they will release or some other newsworthy event
very good observation
i beleive the critical difference is that very few people trade on the AIM market where fep.l is actually traded on<i couldnt buy any allowed by my global account/e-trade>.............
and pxp is just as thinly traded and relatively unknown.........I wouldnt trust their price either as they are sure to be victimized by Market makers due to their thin float........when they reveal actual revenues 3 to 4 years from now, then Fep.l will be easier to evaluate and even more so if we see profits in 4 years from sc72.
Til then the stock price will be pure speculation and victimized by market makers.
glta
asking you to change for me??
i dont even ask my girlfriend to change..........I just get a new girl instead.
Does thinking positive make the stock go higher?? is that how it works? Hope is the new strategy....hmmmmmm.......and that type of analysis and strategy works well for you in stocks?
did you just buy that book "The Secret" and youve found a way to alter reality by willing it into fruition?Amazing stuff..sign me up....let me get some of that kool aide youve been drinking too....looks refreshing.
there is no rush to buy above 3 cents here,,,,,,,unless you think or want to gamble on a possible tcf suprise announcement being made very very shortly. if you want to gamble go for it..........but to invest use rational analysis.
irrational exuberance was laughed at when greenspan coined it....and it took a while but when the crash finally hit....it was felt across the globe in 1999 -2000
a free gamble with a floor? not if they invest 50 million and pump out water.........the floor will drop underneath them with debt and bankruptcy.
I think gas is more likely than a bust so I stay long for now.
glta
i understand what you are saying clearly........
price is not value...
what i am pointing out is that some people to my amazement think that if fep is rising to 80 pence that somehow fecof must be undervalued as well by the same price rise in some insane reasoning/quasi analysis......
I am just saying that if your going to try to value fecof based in equity of fep's stock, then at least use the correct math and the calculator which people question if its broken. When you use the correct method/logic in that comparison type then fecof is worth 3 pennies, not 6.5
why should i care or try to preach from buying too high??? if its going to 50 then 6 cents isnt too high right???
Besides the fact that some of you clowns have grown on me, and that i want everyone to do well, I'd rather see you buy twice as much stock at 3 cents then to see you chase it up to 6 cents when its an inflated price built up on low volume. the more you hold and put away with me,,,,,the easier i can get to my target of 50 cents when a real announcement is made and when volume of 4 million starts to show daily......
certificates have been discontinued, i got the last one
dear fred,
I am sure that although i love being a contrarian and being correct 99% of the time in doing so, I still beleive that the sheep that irresponsibly cheerlead this stock without limits, will still agree that this is in Pence. I do my own research and i do believe i saw it years ago on fep's board that the price was in Pence..check forum energy plc.com....if it was in pounds i would be screaming to buy fecof all the way up to 50 cents today. Its clearly in pence.
with all due respect , you took my quote out of context.......speculation can make it go to 10 cents but most speculation is unjustified at this point..we need at least a better source of speculation.an anouncement of 10 tcf can do this.
Fep at 90 or 100 pence doesnt justify 10 cents for fecof...do the math.....its very simple. at 100 pence for fep.l , fecof is worth well under 7 pennies........simply fecof is mostly worth 25% of fep's equity.
reality check!!!
where did all the cheerleaders from yesterday go??
the volume on fep was impressive and not mm shenanigans? really?
Do yourselves a favor and look at a chart longer than over 3 months long........at least go back one year..........if you do that you will see massive amounts of volume, about 10 times the size of yesterdays, that was necessary to move fep from 40 to 60 pence.......so anything that can raise feps price with that volume of 100k can easily bring it down too.
Calculators that must be broken?? Something wrong with the calculators but nothing wrong with your logic or philosophy?? wow, amazing logic.we seem to have the same conversations every 4 months with our limited and selective memory.......why do people prefer to believe their own fantasy over fact? Human behavior is an amazing subject and i too have been victim to it at times....buying fecof as high as 6 cents in fear i would regret "missing the boat" rather than feeding my greedy fantasy.
I ask the board to stay logical with this stock. add in incriments if you must and maintain some diversity in your portfolio as this is far from a sure thing.
the facts are that calculators do work..so do pen and paper and simple math
if you are basing fecofs shares to be higher simply in its equity worth <stock price>of fep stock then you are dead wrong. Fecof actualy was clearly overpriced yesterday by those arguements........fecofs market cap by those analysis means fecofs market cap should be roughly 10.5 mil
fep when estimated at 40 mil market cap is argued that fecof is worth 10 mil.....therefore fep needs to get to 140pence plus<double from now>,
so we can argue that fecof is now worth 6 cents or so...
we simply need fep to become a billion dollar company so we can have fecof estimated at a 250 million market cap.......
in other words, Fep has to be priced at around 1,500 to 2000 pence...............thats when you can argue that fecof is worth 50 to 65 cents.....dilution not withstanding...there will be additional factors along the way
I am hopeful and long on this but to rush and buy into this as if the stock will reach 25 cents tomorrow is ridiculous. there is no event that will justify this stock going to 10 cents very soon unless they anounce over well over 10 tcf and speculation takes over....or the chinese making clear statements revoking their dotted line hang dynasty claims, .expecting that anouncement being made is gambling.......if you want to rush into gambling then go to your local casino and try the roulette wheel.
keep sanity on this board and good luck to all.
good question but.......on the sc72 reports its estimated 3.5 tcf and 440 million barrels of oil.......so its definitely seperate from the gas...google it under " sc72 barrels of oil and you will see the links ..
cebu clearly says equivalent though....but that was 3 years ago...its taken a back seat to sc72 headlines but i'd love to get an update as that is a healthy number of gas in cebu
does anyone know any updates of this 3 yr old story??
was this 350 mil barrels of oil in cebu followed up?
heres the original artcle:
This excerpt taken from the FECOF 20-F filed Jun 30, 2008.
also i want to add that the potential 440 million barrels of oil in sc72 have me more excited than the gas simply because we dont need to worry about the liquified natural gas infrastructure to get to those profits......440 mil is about 40 bil in revenues which would surely justify a 5 bil investment.........as long as its really oil and not fresh water instead.
2D Seismic Survey
FEP completed an offshore 2D seismic acquisition program in the Tañon Straits, west of Cebu Island, Philippines in June 2005. The survey, acquired 310 kilometers of new 2D data in license Service Contract 40 (“SC40”), where FEP holds a 66.7% interest. Independent consultants, PGS Reservoir Ltd., estimate that structures already identified within the survey area could have combined reserves of 350 million of barrels of oil equivalent.
The survey was conducted to improve the mapping of the central Tañon and Jibitnil Island prospects. The new lines acquired between Jibitnil and Cebu Islands will help define more precisely the Jibitnil Island structure, which is cut by several faults. In addition to seismic data, the survey included the acquisition of marine gravity and magnetic data.
to get to one dollar for fecofs share price would mean that fecofs market cap would be justifiably around 500 million......
and therefore fep would have to be above 2 billion in market cap...........which means sc72 would have to be worth around 3 billion give or take......wether there will be p.e.'s on profits to get fep to that level is besides the point..........keep in mind.......if they need a 5 billion investment they also gotta show something with over 15 billion in reserves.......just my opinion.why risk it if you cant triple the money......so therefore you can also end up with reserves worth 2 billion and the stock worth nothing if its not profitable to drill it.
the point is that sc72 would have to be profitable first before we can think about reaching or surpassing a dollar........that is years away by any means,,,,,maybe 5 years if just about everything goes right and we have to be extremely lucky for most things to go right.
every stage would bring us closer.........i can see the stock going to a quarter if we have a suprising favorable 3d survey come back with a successful well drilling and showing promise to continue unlike the troubles that nidof faced.
i agree,
there will be fewer sellers under 10 cents but depending on the validity and strength of the news there will be sellers above 10 cents.....if they anounce 10 tcf we are closer to 20 cents before sellers take profits.
500,000 in volume is 15 grand to 20 grand,,,,,,,,thats like someone like myself if i wasnt fully invested already taking a position after getting excited about the potential news release.....Not necessarily a news leak or anything.............at least not yet.......i'd have to see volume of over 4 to 5 mil to consider a news leak
almost 3 months ago already:
MANILA | Mon Nov 28, 2011 2:50am EST
MANILA Nov 28 (Reuters) - Production at the Philippines' Galoc oil field has been shut from Nov. 23 for a three-month upgrade of the floating, production, storage and off-loading vessel (FPSO) deployed in the area, the field operator said on Monday.
"The upgrade...is expected to substantially increase the reliability and uptime of the FPSO and is a crucial component of infrastructure to enable the Galoc joint venture to move ahead with a potential Phase II development programme," Galoc Production Co (GPC) said in a statement.
The vessel, with a storage capacity in excess of 400,000 barrels, will be upgraded in Singapore and will return to the Philippines towards the end of the first quarter of 2012.
Production at Galoc would resume shortly after the vessel's return and reconnection, GPC said.
It did not give Galoc's production figures before the shutdown. The field has estimated reserves of about 10 million barrels.
Galoc, located near the southwestern Palawan island, started producing crude oil in October 2008 at 18,000 barrels per day to become the first major field since the 1990s to come onstream in the underexplored Philippines.
It had suffered a number of disruptions, some of them triggered by bad weather. The field life is expected to range from two to six years from 2008, depending on the reservoir performance.
GPC, owned by Otto Energy Ltd, has a 59.84 percent interest in Galoc field.
The remainder is split between Nido Petroleum, which holds 22.88 percent, and several Philippine partners such as The Philodrill Corp, the group of Oriental Petroleum & Minerals Corp and Linapacan Oil Gas & Power Corp. (Reporting by Erik dela Cruz)
so in a couple of weeks this will be making money for fep.l again.
10 million reserves at 100 a barrel is revenues of a billion.
if fep can get just 1% profit of that bil its 10 mil right there.......and therefore around 2.5 mil in feps equity as well....theoretically speaking that is,..............reality is fep.l can burn thru that faster than it makes it depending on its future operations. just a thought ......something to ponder on......but at the very least i'm greatful they have some income flow whatsoever besides just waiting on sc72
that seems to be the most in depth of all 4 of the similar articles i read on this subject.
i just hope they realize that they need to do this quick before one of the other explorers like Nidof find a malampaya type well and the govt. decides to focus with that one instead.
keep in mind that philex owns most of fecof/fep.l and therfore whatever the govt of philipines tells them to do is the most likely outcome. in other words if the phil govt says "we dont want to push this forward since we have a less conflicting area to focus on "then thats what they'll do.
we are not there yet and i hope we dont get to that but this is the risk of delaying our find or potential find.
jmo
glta