Member Info for MTSparky

Hope so 1p again would be great for everyone, even a £8m market cap is still cheap though. I can't see anything but a Milroy victory unless the BoD's pull something out of the hat. Strange that Cochran bought 27m shares in WSX, he didn't have to do that.

yes I get that. The way the option has been presented is awful. If we could get Cochran on board without giving 25% of WSX away and without committing to the SC54A until some proper due diligence has been carried out would be better. With due diligence though, this Philippine asset may be a winner ?!?!

The drilling costs cant be too high. Its in shallow water. Didn't they say costs for drilling were already covered? Nido must have a rig in the area ?

They must have done due diligence on the asset though and Cochran is no mug. They must know if the other companies involved are prepared to take part in the next phase or not. I just can't believe this SC54A is a non starter. There must be some value in it for HALO to want in on it. They must also be confident that the next phase will get funded and will drill in the next 12 months or so.

Nido %

That was exactly my next point. "On completion, HALO will hold a 15% interest in offshore Service Contract SC54A in the Philippines..." WILL HOLD. I hadn't actually twigged until just now that HALO don't actually own any % of SC54a....doh ! They must be taking some of Niko %.

The entire block is covered by 3D seismic data and contains a number of undeveloped oil discoveries and a large Prospect and Lead inventory of low risk drilling opportunities.

This is interesting, because the work commitments for Sub-phase 6 are already complete. The licence doesn't run out in August the operator simply needs to make a decision to go into Sub-phase 7, which I guess is where Cochran and Co come in. They actually have until August 4 2015 to drill another well. INTERESTING !!!

CALGARY, July 8, 2013 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) (TVI or the Company) announced today that Nido Petroleum Philippines Pty Ltd, a subsidiary of Nido Petroleum Limited (ASX: NDO), as Operator of Service Contract 54A, on behalf of the SC 54A Joint Venture Partners, advised that it has secured a twelve (12) month extension of Sub-Phase 6 of Service Contract 54A from the Philippines Department of Energy. The extension will allow the SC 54A Joint Venture further time to complete engineering and field development studies in relation to the Nido 1x1 oil project prior to making a decision to enter Sub-Phase 7. TVI owns a 12.5% interest in SC 54A through its wholly-owned subsidiary, TG World (BVI) Corporation. The revised duration of Sub-Phase 6 and Sub-Phase 7 following this 12 month extension are as follows: Sub-Phase Minimum Work and Financial Obligations Sub-Phase 6 August 5, 2010 - August 4, 2014 Drill 1 Exploration Well US $6M (Work Already Completed) Sub-Phase 7 August 5, 2014 - August 4, 2015 Drill 1 Exploration Well US $6M

Project: Lawaan Location: NW Palawan Basin, offshore Philippines. Working interest 42.40% Operator Nido Area 88,000 hectares Brief description: SC 54A is located over the shallow water sector of SC 54 where water depths are generally less than 120 metres. The exploration strategy is focused on exploiting the proven oil potential of the Nido Limestone pinnacle reef play by using low cost development concepts. The entire block is covered by 3D seismic data and contains a number of undeveloped oil discoveries and a large Prospect and Lead inventory of low risk drilling opportunities. Recent activity: The Joint Venture is in discussions with the Operator of SC 14A regarding the option of developing the 1X1 oil discovery via the Nido A platform. The Company is also continuing to seek farm-out and/or divestment opportunities in relation to the asset. The Joint Venture recently received approval from the DOE for an extension of Sub-phase 6 for 12 months with Sub-Phase 6 now expiring on 4 August 2014.

.....come on one final throw of the dice. Make my day punks...;o))))

well the sp appears to be holding so hopefully if the right man wins, it will be followed by further share purchases to get the sp moving and some positive sentiment. Could be a very good end to the week ?!?!?!

OMG you have missed one hell of a ride. What are your thoughts on the two offers?

Also why did Cochran buy 27m shares if he thought he was pulling a fast one? He didn't have to. It doesn't make any sense to me.

I still cannot believe this Philippine asset is as bad as we think. Surely you would know as a director company the finer details of what is being offered to you before committing to it? Maybe there are details we don't know about. You would expect an RNS clarifying the deal though esp after Milroys assessment of it. If this Guyane is so valuable like £75m you would think an offer for WSX would come in. NOP may have the cash. Plenty others do. At £5 m WSX is a bargain.

Or have we had the last throw of the dice from each party concerned ? I hope not because both camps should add a bit more substance to their plans . If Guyane isn't a lost cause and further drilling planned next year then WSX must surely be a takeover target at this low price. 10p/sh offered previously. It's a shame the sp has dropped so much let's hope someone gets a grip sooner rather than later!!

you can see the current BoD's plan is to expend as little of the cash reserves as possible to stay hunt in Guyane. The problem is that its all taking too long and at the expense of further development. Looks like Cochran tried to pull a fast one and get himself 25% of the pie for nothing. I can't see Cochran's plan getting the vote unless it is clarified a bit more. The asset in the Philippines looks a nightmare.

I think WSX need to sell Guyane and monetise it asap. They don't have the cash to fund more drilling or seismic. Shell would probably pay WSX off if there is hope to make the area commercial.

Westerland how much do you think Guyane would be worth to Wessex? Do you think someone will make an offer for Wessex due to uncertainty of the vote ?

Which reports indicate further appraisal/expo in Guyane area ? Are you invested here Westerland?