Replies to post #9495 on FEC Resources Inc. (FECOF)

[hain]

also interesting

[Lottalead]

This is an interesting analysis of Ongpin's presentation. I was aware of 3 wells that were drilled but he suggests more that were shut in.

Could Duterte's approach to China ultimately make Ongpin richer?

https://www.rappler.com/business/169821-duterte-philippines-china-ties-roberto-ongpin-reed-bank

Ongpin told the Atok stockholders that drilling actually took place in the Reed Bank's Sampaguita field, located in the southern part of the SC 72 concession, during his time in government under the late strongman Ferdinand Marcos.

"There have been 6 wells drilled in the Sampaguita field. These wells were actually drilled during Marcos' time when I was in government [as trade minister]," Ongpin said.

"At the time, technology for extracting natural gas was not available in the mid-'80s so every one of those wells were considered a failure because there was just gas and not oil. Subsequently, the technology for commercializing natural gas was developed around 10 years ago and so the old image of these 6 wells [as] all dry and no good all of a sudden changed," he added.