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obama sounds like his on the job training is slowly paying off as he handles this issue to my approval...........but i must say hes a johnny come lately as a politician let alone a president. He wont win re-election and then again if the choices minus ron paul stay the staus quo....he might be the devil you know who stays in office.
lol.........if only it were that simple......... if you cant get to it its worth nothing.........and if you could pump out 85% of it its worth a shitload of money......a few billions
thats a very honest answer kentcrek...........
what should the pps share be if they produce?
depends on their contract,,,,,,,,,their percentage of the keep......and if I knew what malampaya went for I might be able to give you a comparative.........so basically anybody's guess at this point..... Multibagger for sure if they produce..............selling price? if anyone told you they knew for sure, they would be lieing
i found this on fep.l board dated november 15th:
The Philippines called for Southeast Asian leaders to play a “decisive role” in brokering a resolution with China over disputed areas of the South China Sea that contain oil and gas resources.
The 10-member Association of Southeast Asian Nations should facilitate talks between claimants to “define the undisputed and the disputed areas for the purpose of establishing a Joint Cooperation Area” in the waters, Foreign Affairs Secretary Albert del Rosario said today. The bloc is meeting in Bali this week for a regional summit that will include U.S. President Barack Obama and Chinese Premier Wen Jiabao.
“Asean is now at a critical junction of playing a positive and meaningful role to contribute in the peaceful resolution of the disputes,” del Rosario said in an e-mailed statement. The bloc “must play a decisive role at this time if it desires to realize its aspirations for global leadership.”
An agreement on boundaries would determine access to oil reserves in the South China Sea that may total as much as 213 billion barrels, according to Chinese studies cited in 2008 by the U.S. Energy Information Agency. The Philippines and Vietnam reject China’s map of the sea as a basis for joint development.
China’s Map
The Philippines proposed in May dividing up land features and setting maritime boundaries according to the United Nations Law of the Sea, a move that would cost China rights to a large swath of the waters now encompassed by its tongue-shaped nine- dash map that extends hundreds of miles south from Hainan Island to the equatorial waters off the coast of Borneo. The nine-dash line is “the core of the problem,” del Rosario said.
“The intervention of outside forces” won’t help settle territorial disputes in the South China Sea, Chinese Assistant Foreign Minister Liu Zhenmin told reporters today in Beijing. Such interference only sabotages peace and development in the region, he said.
Asean and China agreed in July on non-binding guidelines for operating in the seas designed as the first step toward a binding code of conduct. U.S. Secretary of State Hillary Clinton has urged the claims to be settled according to international law based on land features, mirroring the Philippines’ proposal.
‘Nationalistic Pressure’
Asean leaders will have a hard timing coming up with a solution that requires China to adjust its territorial claims, said Gary Li, an analyst with Exclusive Analysis Ltd., a London- based business advisory firm.
“If there is the smallest hint of compromise, the Chinese can’t go for it,” he said. “They’re restricted systemically by policy, by precedent, by nationalistic pressure.”
The U.S.’s alliance with the Philippines has led to tensions with China, which has used patrol boats to disrupt hydrocarbon survey activities in disputed waters. Chinese vessels in May sliced cables of a survey ship doing work for Vietnam, the second such incident in a month. In March, Chinese ships chased away a ship working for U.K.-based Forum Energy Plc (FEP) off the Philippines.
The U.S. has claimed a national interest in the waters, accounting for about 20 percent of $5.3 trillion in annual trade that passes through the sea, according to Admiral Robert Willard, the head of U.S. Pacific Command. China has sought to keep the disputes off the agenda at regional forums, preferring to discuss the issues in one-on-one talks with each country.
‘Vital Region’
“The United States and our partners in multilateral forums such as Asean have expressed concern over the past year regarding assertiveness on the part of China in this region,” Willard told reporters in Honolulu, Hawaii on Nov. 14.
“We continue to seek to dialogue with China in those areas in order that they will constructively contribute to the security of this vital region.”
Two sets of island groups, the Spratlys and Paracels, are contested in the South China Sea. The Paracels to the north are fully controlled by China, which ousted fellow claimant Vietnam from the 30 islets and reefs in a 1974 battle in which 71 soldiers were killed.
The Philippines, Vietnam, China, Malaysia and Taiwan have troops further to the south on the Spratlys, a group of islands and reefs with a total land area equivalent to 1 1/2 times the size of New York’s Central Park spread over an area roughly the size of Iraq.
To contact the reporter on this story: Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net
To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net
hello my old friend eom:
I have gotten to know you over the years and have assesed you mean no harm and have got good intentions. It takes time to read these posts and although i know you not to be a spammer, pumper or otherwise, you have been spamming the same post,,,sometimes in its full context as should be "once" and othertimes "mostly" out of context.........Please dear friend refrain from this as it takes much time to go thru these posts to see if theres any worthy information as that in Cebu. You are simply taking minutes away from my precious life by spamming the same empty promises from aquino ive heard for some time.
Stay the over optimist if you must..........I prefer to be well balanced and dont rely on a politicians shallow promises very much...I prefer facts and actions and results.......not words and promises.
I'm still long,,,,,,,,,good luck to all........this is still going to take a very long time hope cebu will give us a line of income to keep us going until a resolution of sorts will be made on sc72
Talisman Energy Inc. (TLM), a partner of state-owned Vietnam Oil & Gas Group, aims to begin drilling next year in a block that China had already awarded to a U.S. rival and protected with gunboats. Talisman’s blocks 133 and 134, about 300 kilometers (186 miles) from Vietnam, are known as WAB-21 in China, which awarded them in 1992 to Crestone Energy Corp. Crestone is now owned by Houston-based Harvest Natural Resources Inc. (HNR)
i find this extremely interesting and very curious as to how this mix up and strange bedfellows will play out in the end.............it may be a prelude of what is to come and how sc72 will be handled as well
wether they want to or not, they have to anounce some things in the fourth quarter as promised. Financial, and strategic initiatives going forward. Cebu, sc72, the 3d results <which i remember reading a release for them that it could take 2 years, the gual>, any offers made let alone contracts.....etc...............
I expect them not to be very forthcoming as in the past but nonetheless we should know much more than we did this entire year where we had to rely on information gathering from other sources and hearsay. Does anyone know the exact date for 4th quarter release?
glta
i'm sure downside as well as most of us would love to see that come into fruition.
a pledge is one thing and something actually being done is completely different. Unfortunately fecof has its reputation tarnished because of the fool's gold fiasco, half the company being sold to philex for 2 pennies per share years ago and a few other things.
although there is still a fear of philex continuing to shortchange fecof, there is also something to be said about philex's share price moving from 13 cents to over 50 cents for a huge gain percentage wise ,all in less than 2 years and spinning off free ownership in fep via ppx<i think its ppx, i dont follow it>.
anyway, philex's management that took over fecof seems more capable than the previous team, but the possible corruption and loyalty still lingers...........to actually see that 80 mil be invested would be huuuuuuuuuuuuuuuuuuuuuge.............and if they are unpleased with the results for any possible geological reason, it could bury the company in debt and force both fep and fecof into bankruptcy.
i am still long hoping that is not the case, but its definitely not ruled out
hey downside up....why are they calculating only a 20% recoverable rate for cebu?? is that the average recoverable rate or are they just being super conservative?
SC40 PROSPECTS AND LEADS
In addition to Libertad and Maya, SC 40 (Cebu) also includes a number of prospects and leads. The Central Tañon prospect is located within the Tañon sub-basin of the Visayan Basin offshore west Cebu. PGS have calculated that the prospect has a total field deterministic value for recoverable reserves of 265 mmbbl of oil, calculated assuming a recovery factor of 20% and based on an outline of the Group's reserve estimates
http://www.forumenergyplc.com/operations/oilandgas/sc40-prospects-and-leads.aspx
at least this sucker is on land and a lot less can go wrong with it....including a cheaper method for extraction...above is a link of the map showing its clearly on land
lets hope this comes into fruition soon to boost fep and fecofs worth.........waiting for sc72 will drive you crazy.......having something else to look forward to might help.
Forum Energy PLC Targets to Start Production from Libertad Gas Field Inq4
08/11/2011
Forum Energy PLC announced in a company report that the Libertad gas field under under service contract 40 is "expected commercial production in the fourth quarter. The Libertad Gas Field is situated in northern Cebu and lies within service contract 40. The field was discovered in the late 1950's but was not developed. A testing program was carried out from 1993 to 1995 involving the drilling of around seven wells. Forum Energy carried out a feasibility study in 2004 to determine the most commercially viable option for the development of the field. The results recommended a development plan using three gas-to-electricity generators, with a maximum capacity of 3 MW which will be developed by DESCO.
there is always discrepency on price...thats why there is volatility in most stocks because it is an art and not a science on guessing the "correct price"........all you can truly guess is the average value of such a field and see if its undervalued and if the right moment arises, and it gets exposure, it should recognize more value.
The thing is that with fecof theres been plenty of time for someone to recognize fecofs value.......especially with the chinese incident, which i hoped some good exposure would come of it. We are not rocket scientists to have figured the indirect ownership of fep through fecof exists,,,,,,,,,and therefore any college graduate/analyst would have seen this by now too.........and you would have some serious institutional buying<hasnt happened>, and the big oil companies scrambling to develope this<and yet no offer has been even made!!!>.
the way investors say that theres "proof" already........well i say wheres the bidding war on the field for development?
I am long this position but considering all the factors that could go wrong with this company....i would never buy it at 7 cents today........if they get an offer and we do the math...then all that changes......somewhat....day to day.
good post, i stand corrected in a certain 3d that was done, but we havent seen the latest 3d release that covers a larger area and as downside has pointed out, there are different levels of proven and a fair share of levels of risk.
TO think that weve been able to keep it secret ALL THIS TIME.......to ourselves is arrogance............. fecof simply reflects the correct price for the level of risk and testing it has yet to acheive.......hopefully they prove some more and get closer to being a malampaya so i can finally see a return on this dog
wow........... how long have you been investing period?
dont use the word proven so loosely, nidos find was so called proven too and you saw what happened to that...or do you only see the things you want to see......the things that have a fairy tale ending for you everytime...........just proceed with caution my friend, invest wisely and please keep the obnoxious remarks to yourself.....you were doing so well for a while......glta
I have to agree with downside up on this one
there was 2d done before but not 3d.....and they have mapped out a larger area this time but have yet to release it......you should check your facts or back them up with links when you acuse people of making mistakes...........glta
you forgot to highlight this quote and how it was a huge exxageration.........the risk in sc72 would be similar to this turnout of events
" Energy officials earlier estimated that the SC 56 field could contain about 750 million barrels of oil equivalent which can supply the domestic market for seven years.
oohh by the way........ the response to my post.... I hope you understand i was being sarcastic as to the volume... on the fact that a quarter of a million shares today is a lousy 5 thousand investment and nothing to get excited about like some people do on this board......so the last person you want to accuse of pump and dump on this board would be me.........invest in a diversified basket is what i say.........and this one is strictly high risk, high reward.
I totally feel your frustration.................
the thing is.... is it bullshit that the chinese govt tried to take the reed bank , openly claimed the entire region as their own....and caused an international incident getting Hillary clinton involved and a destroyer to keep sc72 safe? if you owned it during tracer then you can confirm it was china who did the original seismogram under agreement with the aroyo govt. back then.....and its the chinese numbers that claimed whats actually in there.
you are right.......there is a shitload of bullshit going on with them.............but theres also some truth as to whats across the pond from malampaya and all this hoopla for a 10 million market cap stock should be evident to something.
glta
wow,,,,,,a quarter of a million shares moved today................ 5 thousand bucks in todays recession is a big vote of confidence,,,,,,,,,,,,,,,,,and if the stock moves up just 3 % a day<just imagine>, everyday, ..........compounded,,,,,,we would all be very rich in 3 months.
hhmmm.............. if south sulu is too small for them maybe they can jump in bed with us instead.............jump in folks.......big bed here.
yes.........you are right.......but why does he mention how big of a window he has, rather than to say.........."in 2 months we drill the first hole"........and why the eff would you keep the 3d a secret still.........you want investors so show the damn 3d.....what are they hiding? this is simply the impression they give.......like they are hiding an empty hole like the gold mine..........but because the chinese did the original survey and the way they got excited over sc72...tells me it cant be empty............Good luck to us all with this pathetic managment cutting themselves a check every year and taking a decade to do something progressive.
I agree.....why two or even three years to drill an effing hole.............and even then they might push it back again......I would average down on Philex..not on fecof
yes, the reason its not trading is because you didnt buy 1000 more shares today......welcome to microcaps
china did the original survey with tracer..........did they not??
why was China so anxious to risk an international skirmish/war with Philipines specifically over sc72?
The tree is not bare simply because you say it is bare.......... this field of trees and undiscovered trees is in the same exact farm of Malampaya so to say its Bare when the original survey said otherwise is to be foolish.....................there most definitely is risk that this wont come into fruition as well as Malampaya.......but at this price......the risk/reward scenario is at the best it has ever been.............this price for the long road to realization is more than a fair price......I too am pissed over past dealings but going forward it looks good and this is based on facts and numbers and the precedent of malampaya.
exxon mobile can singlehandedly afford the 5 billion investment needed in sc72........and if its anything like malampaya...which made a bil last year...not sure if thats revenue or profit.....is still well worth a 5 billion dollar investment
no disrespect, i know you didnt verbally call this a story stock, but when you compare it to the "gold" opportunity days it was strictly a story stock back then and now it has a profit stream from fep <although maybe not enough to cover its expenses, but it still helps>.
You are also partially correct that Philex will do what's in its best interest....this is just common corporate behavior.......but it must do so within the law. I am on record on Investorshub...even arguing with a few that Philex is not to be trusted and that they were better off buying philex stock at 17 cents instead of fecof at 7 cents...or at least diversifying the investment......I was called a basher.......and philex has more than tripled and you got a free ride of fep shares from pxp.............I havent heard any apologies or acknowledgment from the ignorant attackers yet but thats o.k.
The thing is that Philex has been uncovered of their shady practices and a closer eye is kept on them now "hopefully" keeping them from brazenly breaking security laws in place to avoid such actions..........its tricky since they own 51% of fecof but they still cant sell out the rest of us so obviously. Heres some links given to me by a friend that show that they eye is upon them:
http://www.philippinenews.com/business/2227-marcos-cronys-sweet-deals-with-state-owned-bank.html
wahoosier.....
I too am more skeptical than the average investor here also because of their Golden" exaggerations and leading people on..............but its simply not fair to call this a story stock and heres why:
1. fep has positive earnings finally.........which means a stream for fecof too.....small...but definitely not a "story stock"....its a very real company.
2. Even though the gold story never panned out, they never analyzed the damn thing.........sc72 has been mapped out and drilled for estimates.
3. China is the guy who did the original mapping......and they were so hungry for sc72 after knowing what was really there based on their own homework.....the ruined their image with their neighbors and it was a p.r. disaster for them.....they were ready to start war..........Even the US Secretary of state got involved in this International Incident.......us battleship was sent!All for specifically sc72........all so they can get a piece of the energy that "they know" is there.
Longshot still? somewhat yes........but not just a story anymore.......they might ruin the wells like Nido did...but its in there
thats a good find eom....... it shows a good general direction as where they want to go..........maybe theyre finally sitting at the table to finalize an ironclad agreement on the spratlies and make the reed bank issue an "asean agreed on equity" of the philipines......would wipe away a big doubt and worry going forward..and a small pop in the stock as fear subsides on the news............but nothing is better than a specific statement on sc72 itself.....hopefully soon........and I am wishful its not an OBAMA type of HOPE
eom......
i got what you got when i did the conversion but you make it sound like thats what they paid for getting FEP..................meanwhile i'm pretty sure tidemark holdings had more than just fep in their holdings...............so its not fair at all to say thats what theyre paying so fep is worth that much too.....yada yada yada
from your mouth to gods ears........I use to fantasize a dollar........ but 10 cents will be a big accomplishment for us right now......yes there are deals.....and there is an article floating around that they will release the 3d by the end of this quarter?or was it the fourth quarter?,,,,,,,i'll copy and paste it next time i see it,,,,,,
anyways. ...if this becomes malampaya in 5 years.then i'd say a dollar.............thats still a big IF<lots of variable/obstacles>...........so i would grab 25 cents and run with it .,,,,, i'm just hoping we'll be lucky enough to even choose buy or hold at 10 cents or higher.....
excuse me,
where did you get the 15 million from?
did you simply convert the 660 million philipino dollars to US Dollars?
that would make a valid point if tidemarks holding ltd's single and only holding was in fact only fep. I searched to find info on tidemark but its veiled in secrecy, i cant find anything other than the most recent news about them.........but i somehow doubt very much that fep was their only holding.
i looked up atok big and it says their market cap is 65 bil pesos.......roughly a 1.5 billion us dollar company................an investment of 15 million is 1% of their market cap.....so even if they are wrong on fep it wouldnt budge them........but I on the other hand....will get crushed
"Atok-Big Wedge Co,. Inc is owned as to 75.84% by Boerstar Corporation, which in turn is controlled as to 85% by Mr Bobby Ongpin, ***a director of Forum Energy."
there are speculations that this "insider buy" proves to us something "valid".............that it validates the sc72......
Those are rose colored glasses and thick ones at that.
WAS Tidemark who sold its shares Not also a Director of forum?? <<<<<<uuuum......anything more than 5% makes you a director> should you list that transaction as an INSIDER SELL? Technically its both an INSIDER SELL AND AN INSIDER BUY....so its a wash.............the importance is "what was the Price?"
and even then its still betting on someone elses gamble..............although a better informed gamble.
look........... malampaya took less than 3 years to go commercial if i remember correctly....please check..i'm estimating,,,,ahead of schedule they said...
the stock doesnt jump up the day it goes commercial..........its a billion dollar producing machine...............it cost 3 bil back then.........and they were in the green quickly.........so basically......if something is justifiably built for profit with a 5 bil expense..then imagine on the profit potential we are sitting on.............it'll be tax free money until we cover expenses,,,dont forget that.
i agree with 95% of what you said,
mostly that even though this has changed hands when philex bought them.........they still played dumb and therefore mislead investors on the gold mine..........I wont sugar coat it like others on this board...it was a sham and very wrong if not outright illegal to withhold info from us like that.
The difference now is that there is a floor with cebu profits coming in.......not a great floor but there is a floor nonetheless.....if they start spending more than they should without rewards of equity or cash.they can ruin that brand new floor.but at least we got one for now..........lets call it a floor of a penny give or take...............and if.a big if.......sc72 comes thru for us as we hoped, we'll see a nice return.I dont hope for a dollar anymore....more like 25 to 30 cents in a year or less if we keep heading straight. they want to give away equity to their friends and i cant stop them.
good luck, wait it out....and yes....never bet the entire house....this isnt the world series of poker.
when are we gonna hear some news on this........there is supposedly so much possibly going on right now and we dont hear a peep..........are they going to explore yet another well with the philex money? already doing so? what the hell was the 3d results??? its effing painful and to think this is a Canadian company with ownership in a u.k. company and still these dry spells or intentional silence to keep the rest of us in the dark..........do i sound like i'm getting impatient?? Well thats because when you are so close that you can almost taste it.....you start venting out your frustrations after holding your breath all this time.......i just hope i blow a sign of relief before i even think of celebrating.
i just want to make a profit on this company while the world economy is still intact.....the way things are going at a snails pace.........currency will be devalued , both dollar and euro......before fecof does what it needs to..I wonder how this company would play out for us if that happens............will this hold its own and maybe go higher because oil in itself will act as a currency/commodity.....will it crash because oil is still tied to the dollar? in a world economic collapse demand for oil will drop too but will its commodity value outgain the negatives and be better than holding currency itself??
I'm not saying that world currency will imminently and definitely collapse completely .......soon......but if it did...........how would this play out?
I know rockafeller did well snapping up oil companies in the depression but will this be valued lower or higher in a collapse...deflationary period? any thoughts...just curious
i know gold should gain.....will oil hold its own?
and what they dont talk about is that govt.'s had laws that owning gold back then was illegal and had to cash them in....its amazing how deeply this game is rigged and people have short term memory about it.......make sure you have a couple of riffles in the closet...thats all i can say........ooooh.....and lots of bullets too before they limit you to one bullet each.
this was sometime in late may early june when that happened.it was soon after chinese claims and threats that the whole sea bed was theirs and the dotted lines were valid.......and about a few weeks after attempting to put up posts exactly on sc72's reef...it was climactic......they wanted to drill sc72 first before the rest of the spratlies.its was obvious........they have explored that entire region well and i guess it hurts them mentally as well as a bit financially that they have to pay what was in their neighbors backyard so close to their own
good post jd..... it goes to show you how close we came to losing total control of our investment and seeing it become a worthless company..... some people on this board said i was overreacting but we are lucky that china didnt continue with their stupidity which beside our losses would equate to major war.
"Ismael Ocampo, the department’s director of energy resource development, said he’d like CNOOC to make a bid as that would mean Beijing acknowledges Philippine jurisdiction. But, with that unlikely to happen, he’d prefer a big American firm as “they have an armada of battleships” behind them."
shell needs to take the incentive and jump on board asap
brother, From your mouth to god's ears......I want this just as bad as everyone else..........Drilling as we speak? i have seen no such news release........do you know something the rest of the public hasnt been informed about. have they anounced a jv partner yet? wouldnt it be A jv partner who would do the drilling?
I know they got finance approval.............but i think you might be jumping the gun when you say we are "drilling as we speak"........If i am mistaken, then I would be more than happy to stand corrected by you with a link that we are drilling this moment. thanks for the civil conversation...good luck to us all.
I am aware of this but thank you very much for posting this.......its good to be reposted once a month for new subscribers to be informed.......its the reason I'm long on this stock..and the fact that malampaya became sucessful
the thing is we should be very careful with the terminology..........the adjectives used have specific definitions for this field......... possibilities.... potential.....<not proven yet> ....... proven.......exploratory........test .............just because a well exists it dosnt guarantee the recovery and they will not be pumping out of the test wells.......they need a new project to make it work......................making it in the ocean doesnt make it any easier.
recoverable.......nonrecoverable......... we havent even gotten to those stages yet.
correct me if i'm wrong but those 3 wells are simply test wells and have never pumped anything out........the are not Working wells and therefore are not Succesful wells........
once again Nidof had test wells....or exploratory wells...........and when they went to develope them into sucessful wells the soil.earth....rock........wasnt strong enough and they collapsed making their latest find and their biggest one at that, a bust.......I'm not certain if theyve abandoned it completely but their statement gave that impression, its investment in that so far was a failure attempt has cost them financial losses not gains.