there is a big difference my friend..........
I wish there was no difference at all but there is a huge diplomatic difference, as well as an established well and an exploratory like ours.........Dont blow off the issue as if its not a serious detriment or a HUGE roadblock going forward in dealing with conflicts with the chinese.
For whatever reason..there was no dispute when building malampaya between china and philipines back then and there isnt one now. THEY DO NOT CONTEST MALAMPAYA......but they do contest sc72...... About 5 or 6 posts back you will see an article with quotes claiming exactly that.
Ive included a petroleum map a few posts back and it does show that sc72 is the stand alone deposit which is quite a bit further out than the rest....visually speaking.........If its philipno territory by international law then great.....but does asean honor that or some other guideline altogether for the south china sea? We dont know for sure and china is the 800lb Gorilla by far. Even when you are in the right......you sometimes settle a dispute.........kind of like what FEP did recently by handing out 50% to BEC to settle their disagreement...........Will they consider giving China 50% of sc72 also to get things moving? Can we get pushed out altogether or sold out by the philipino govt?
Here are some questions that are more fact seeking based rather than opinion like the others.
I'm not insinuating anything........just honest questions.
1. the company that owned sc72 when it was still gse101....they drilled a well didnt they? Did they not know they had a huge deposit back then of 3.4tcf? Why couldnt they
get a junior back then....what was keeping them? How could they go bankrupt with such a huge deposit in equity?
2. if it wasnt because of bankruptcy then why did they sell for so cheap when they were sitting on billions?
3. If they were forced into bankruptcy was it because the govt. failed to look after them as per making gse101 into a service contract back then and moving things along?
4. Something that has me puzzled is,,,,,,,did china contest gse101 or the drilling back then? How did china react since they did drill an exploratory well back then?
Malampaya is finished and producing a bil a year...........SC72 still has big hurdles.....its been 4 to 5 years in the making already with fep and everytime we seem to jump over a hurdle...another one comes up and the illusion of meeting china and going forward was a lie. I am still LONG because of the huge potential reward but i have to agree with the market that 3 cents is just about right considering the huge risks and uncertainty regarding this stock......
glta
