Pxp is one of the bigger holding in the PSE. Philipine stock exchange. So when there is selling in their broad market, pxp will go down more then the rest because it is simply up 1000% in 2 years!!! Without a contact officially being announced yet. Any pullback of 10% should not evoke fear on this board that a contract talk is in trouble. Pxp was actually dropping quite a bit before turning around and closing up for the day.
There will be articles coming out soon that are politically motivated, and that will say negative things about the deal in the hopes that the deal doesn't happen and that it's bad for the philipines to give up 50% of their equity in sc72. They want prez duterte to be removed as a traitor and for their administration to take over instead. Sounds very much like what the democrats are doing with Trump even if it's to the detriment of the USA. Very politically and selfishly motivated . I saw a negative article recently that put a spin on Ceytano positive remarks, and when I researched the author, it was one of the guys who helped win the battle in the In trial over the reed banks sovereignty so he has a personal issue about it as to why fork it over when they won.
I was anti China on this deal for obvious reasons but if they structure the deal similar to the % sharing they normally would do, the way when they give about 50% to a major driller to do the work, then by using cnooc. , a Chinese state owned driller. , maybe the % won't be askewed by an additional 50% ontop of 50%. But even if it was, the find is estimated to be so big that it shouldn't matter.
When the framework is signed they will need to go re-explore the well before details of a working contract are signed just to confirm it's still there. With gas finds, its known to slowly evaporate over due time so it's important they get to it right away. Time is somewhat against Fecofs side as in 2 years more without progress could bring more dilution I am with the pro china camp now just to see this thing done. At under 5 cents this is still a very good bet. If you're heavily invested already I wouldn't take loans out to add to this because 85% likelihood of this working out, success is not a 100% guarantee..
The recent volume dropped off by half yesterday so don't be surprised if it drops somewhat today. If you're in it for the marathon instead of the sprints. You win more gold medals and recognition. Pace yourself and win lots of gold.
