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sorry guys a little blip

coming existing companies will divi it up imho big news UK-based Pitkin Petroleum Plc is poised to give up its majority interest in the West Linapacan oil field covered by Service Contract (SC) 14C2 located in offshore Palawan, one of the license holders said in a disclosure yesterday. http://www.bworldonline.com/content.php?section=Corporate&title=pitkin-to-lose-stake-in-offshore-oil-field-in-palawan&id=101204 Citing a Jan. 7 letter to the Energy department, The Philodrill Corp. said SC 14C2 contract holders issued a letter terminating their farm-in agreement (FIA) dated May 29, 2008 with Pitkin. Besides Philodrill, the other stakeholders were identified as Cosco Capital, Inc., Forum Energy Philippines Corp., Oriental Petroleum & Minerals Corp., Linapacan Oil & Gas Power Corp., and PetroEnergy Resources Corp. Philodrill said the letter was issued due to Pitkin’s failure to comply with the FIA’s conditions. The contract holders and Pitkin, the company said, “are now in the process of completing the documentary requirements for the re-assignment of the 58.29075% interest in the SC 14C2.” The interest, which was originally assigned to Pitkin, will be regained by the other stakeholders as provided by the FIA. The re-assignment of interest is still subject to the approval of the Energy department. The letter sent to Pitkin, likewise dated Jan. 7, noted that among the conditions of the FIA was the implementation of the second phase of SC 14C2’s work program. That phase includes drilling of one well, recertification of reserves, final investment decision and other related work, which should have been completed within 18 months upon receipt of all government approvals that would place Pitkin as the contract operator. “Had this been strictly followed, Pitkin should have completed the phase 2 work program in December 2013,” the letter stated. The letter further said that the commitment was initially extended to June 2014 and later to Dec. 31, 2014 but Pitkin failed to complete the work program. Discovered in 1990, the West Linapacan field had produced 8.5 million barrels of oil, with production hitting a peak of 18,000 barrels per day. The field was shut down in 1996 following the slump in oil prices. The field covers 18,000 hectares in waters northwest of Palawan.

coming will get divi up with other companies involved big news imho. UK-based Pitkin Petroleum Plc is poised to give up its majority interest in the West Linapacan oil field covered by Service Contract (SC) 14C2 located in offshore Palawan, one of the license holders said in a disclosure yesterday. http://www.bworldonline.com/content.php?section=Corporate&title=pitkin-to-lose-stake-in-offshore-oil-field-in-palawan&id=101204 Citing a Jan. 7 letter to the Energy department, The Philodrill Corp. said SC 14C2 contract holders issued a letter terminating their farm-in agreement (FIA) dated May 29, 2008 with Pitkin. Besides Philodrill, the other stakeholders were identified as Cosco Capital, Inc., Forum Energy Philippines Corp., Oriental Petroleum & Minerals Corp., Linapacan Oil & Gas Power Corp., and PetroEnergy Resources Corp. Philodrill said the letter was issued due to Pitkin’s failure to comply with the FIA’s conditions. The contract holders and Pitkin, the company said, “are now in the process of completing the documentary requirements for the re-assignment of the 58.29075% interest in the SC 14C2.” The interest, which was originally assigned to Pitkin, will be regained by the other stakeholders as provided by the FIA. The re-assignment of interest is still subject to the approval of the Energy department. The letter sent to Pitkin, likewise dated Jan. 7, noted that among the conditions of the FIA was the implementation of the second phase of SC 14C2’s work program. That phase includes drilling of one well, recertification of reserves, final investment decision and other related work, which should have been completed within 18 months upon receipt of all government approvals that would place Pitkin as the contract operator. “Had this been strictly followed, Pitkin should have completed the phase 2 work program in December 2013,” the letter stated. The letter further said that the commitment was initially extended to June 2014 and later to Dec. 31, 2014 but Pitkin failed to complete the work program. Discovered in 1990, the West Linapacan field had produced 8.5 million barrels of oil, with production hitting a peak of 18,000 barrels per day. The field was shut down in 1996 following the slump in oil prices. The field covers 18,000 hectares in waters northwest of Palawan.

Australia-listed Nido Petroleum raises stake in Galoc oil field Posted on February 17, 2015 09:35:00 PM http://www.bworldonline.com/content.php?section=Corporate&title=australia-listed-nido-petroleum-raises-stake-in-galoc-oil-field&id=102893 AUSTRALIAN firm Nido Petroleum Ltd. has hiked its stake in the Galoc oil field following the completion of a $108-million deal with Otto Energy Ltd. THE OFFSHORE Galoc oil field northwest of Palawan is shown in this photo available on the Web site of Otto Energy Ltd., the former operator of the service contract. -- WWW.OTTOENERGY.COM In its disclosure to the Australian Securities Exchange (ASX) yesterday, Nido said that “all remaining conditions with respect to the transaction have been finalized.” “[T]he Company has completed its acquisition of 100 per cent of the shares in Galoc Production Company WLL,” Nido told the ASX. Galoc Production Company (GPC) owns a 33% interest in Service Contract (SC) 14C1 -- located in waters northwest of Palawan -- which covers the Galoc oil field. GPC was a wholly owned subsidiary of Otto, another Australian oil and gas firm that has operations in the Philippines. Otto, in a separate disclosure to the ASX, said it has completed the divestment from the service contract. The transaction resulted in the increase of Nido’s stake in the contract area to 55.88% from 22.88%, Nido said. Matthew Allen, Otto’s chief executive officer, said the closing of the sale is a significant milestone for the company, which has been weathering depressed oil prices. “Otto has a very strong balance sheet and is well advanced on prospective exploration activities in both the Philippines and Tanzania,” Mr. Allen said. “Pleasingly, we have the financial capacity to undertake these high impact exploration activities and to pay a significant capital return to Otto’s loyal shareholders,” he added. Part of the funds from the sale of Otto’s stake in GPC will be utilized by the company for its SC55 exploration program and license in Tanzania. The SC 55 consortium led by Otto just last November secured a 12-month extension -- up to December this year -- to drill an exploration well in the contract area offshore Palawan. Otto is looking for joint venture partners to carry out this commitment. “The planned farm-down of Otto’s SC55 acreage together with the funding of $24.5m from BHP Billiton positions Otto favourably for the drilling of the Hawkeye-1 exploration well,” Otto said yesterday in the disclosure. Production from the Galoc oil field averaged at 6,703 barrels of oil per day (bopd) in October to December last year versus the 7,780 bopd a quarter earlier. The other stakeholders in SC 14C1 are Galoc Production Company No. 2 Pte. Ltd. (26.84%); Oriental Petroleum & Minerals Corp. and Linapacan Oil & Gas Power Corp. (7.79%); The Philodrill Corp. (7.21%); and F

MoPowered provides mobile commerce apps, typically built on Apple and Android devices, for its large retail clients. It currently licenses Rounded Labs' app-creation software platform, called Cortana, which it says has reduced the time and cost of building mobile commerce apps by approximately 40% and led to improved margins. "The directors believe that purchasing Cortana gives the group a further competitive advantage and allows the Group to control its technology base," it said. It said that GBP13,000 of the GBP170,000 has been off-set against license payments already made, with the remaining GBP157,000 payable in instalments. It will pay GBP77,000 upon completion of the deal, GBP40,000 six months later, and GBP40,000 12 months after the completion. "By agreeing to pay the total consideration in cash the group has negotiated a reduced acquisition price, resulting in a saving of GBP30,000 on the original anticipated acquisition price," it said. MoPowered saw its shares slide on September 22 when it raised GBP3.5 million in a heavily-discounted share placing. It issued 70 million shares at 5 pence a share, a 75% discount to the previous day's mid-market price. On Tuesday, it said it hadn't accounted for the GBP157,000 cash payment for the app platform when it did the placing, and therefore it has placed a further 3.1 million shares at 5 pence each. MoPowered shares closed at 6.29 pence Monday. "Since we started to use Cortana to build mobile commerce apps, we have been delighted with the positive impact that the software has had. It was therefore a logical step to acquire the software to make a long term cost saving, whilst having an agreement to ensure that the creators of Cortana are incentivised to help the group deliver on its strategic goals, MoPowered founder and Chief Executive Dominic Keen said in a statement. By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

worth a punt this low imho, they have a new launch soon that should help,ill find the link later

im in

Dragon also has exploration blocks in the Philippines (MORE TO FOLLOW) Dow Jones Newswires February 17, 2015 09:57 ET (14:57 GMT) (MORE TO FOLLOW) Dow Jones Newswires February 17, 2015 09:57 ET (14:57 GMT) By Selina Williams LONDON--Cash-rich Dubai-based oil producer Dragon Oil PLC is hoping to make acquisitions this year amid signs that deal-making activity could be stirring in London's overcrowded oil exploration and production sector despite continued volatility in oil prices. Dragon, which is listed in both London and Dublin, has long sought to diversify beyond its current reliance on Turkmenistan where it has one, albeit successful, producing offshore oil and gas asset. "We're still looking and hoping that we can do something this year," Dragon Chief Executive Abdul Jaleel Al Khalifa said in an interview Tuesday. The decline in oil prices, which have fallen around 50% since last June and are currently trading around $62 a barrel in London, have made many other companies available now, he added, but declined to give any names. Dragon, which has $1.98 billion in cash and cash equivalents and no debt, wants to acquire around 30,000 to 50,000 barrels a day production, either by buying a company and or assets in countries including Algeria, Egypt, Kazakhstan and South East Asia, Mr. Khalifa said. Such a deal could take Dragon's net daily oil production, which was around 44,000 barrels a day in 2014, up to around 95,000 barrels a day. The increase would make it the fifth largest U.K.-listed oil company by output, close behind Tullow Oil PLC. Even before oil prices fell, share prices in London's once-popular exploration and production sector were declining as investors had tired of disappointing drilling results and concerns regarding whether small firms can finance big projects when they do find oil. Still, despite consolidation potential among the sector's more than 100 companies, volatility in the oil market has meant that mooted transactions have been thin on the ground. Last December, Dragon pulled out of talks with Irish minnow Petroceltic International PLC, citing the steep decline in oil prices and uncertainty about long-term prices for crude. Mr. Khalifa said he couldn't rule out another approach for Petroceltic, which has assets in Kurdistan. Earlier Tuesday, Dragon reported a 27% rise in net profit for 2014 to $650.53 million and said it exited the year with gross production at 92,008 barrels a day. The company forecast production growth of around 10% or higher this year to take gross production up to 100,000 barrels a day by the end of the year. Dragon has lifting costs of around $6 to $8 a barrel at its Cheleken oil field in the Caspian Sea offshore Turkmenistan. Including operating costs, capital expenditure, tax and marketing, Dragon breaks even at a $60 a barrel oil price, Mr. Khalifa said. Dragon also has exploration blocks in the Phi

Puts a nice valuation on our percentage still with our main asset this is worth multiples of current sp.We should get news soon hopefully. RNS Number : 4942V Forum Energy Plc 29 October 2014 FORUM ENERGY PLC ("Forum Energy" or the "Company") Trading Update Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, notes the announcement being made by Philex Petroleum Corporation ("Philex") to the Philippines Stock Exchange today in relation to its financial performance for the nine months ended 30 September 2014. Because Philex controls approximately 60.5% of Forum Energy (including through FEC Resources Inc), this trading update includes a reference to Forum Energy's revenues. Accordingly, Forum Energy confirms its unaudited revenues for the 9 months to 30 September 2014 were US$6.1 Million (2013: US$3.4 Million) up 79% year on year, mainly due to the start of production at Phase 2 of the Galoc oil field (SC-14C).

Philippines: Otto Energy completes sale of interest in Galoc oil field to Nido Petroleum http://www.energy-pedia.com/news/philippines/new-162562?editionid=101573 17 Feb 2015 COMPLETION OF SALE OF OTTO’S INTEREST IN THE GALOC OIL FIELD CASH RESERVES OF US$106m (~A$136m) PROPOSED CAPITAL RETURN OF A$0.064 PER SHARE Photo - see caption Otto Energy has announced the sale of Galoc Production Company (GPC) to Nido Petroleum has completed. Final proceeds were received from Nido on 17 February 2015. Cash reserves following completion are as follows: Cash as at 13 February 2015 US$28.6m; Final proceeds from Nido US$77.4m; Total US$106m (~A$136m). The final proceeds from Nido reflect adjustments from the effective date of the transaction, being 1 July 2014. The Board of Otto intends to increase the proposed capital return to shareholders to A$0.064 per share (previously A$0.06 per share), which would utilise A$73.9m of Otto’s cash reserves. Otto is seeking a class ruling from the ATO to confirm the taxation treatment of the proposed capital return. Following receipt of the ATO ruling, the Board of Otto will meet to make a final decision on the proposed capital return. The proposed capital return will then be considered at a shareholder meeting and, if approved, funds will then be returned to shareholders. An indicative timetable for the capital return will be issued following the receipt of the ATO ruling and final decision by the Board. Otto will utilise cash reserves remaining after payment of the proposed capital return to undertake the forward exploration programs at SC55 in the Philippines, and two licences onshore Tanzania. The planned farm-down of Otto’s SC55 acreage together with the funding of US$24.5m from BHP Billiton positions Otto favourably for the drilling of the Hawkeye-1 exploration well. Matthew Allen, Otto’s CEO said: 'Delivering financial close of the GPC sale is a significant milestone for Otto in this environment of depressed oil prices. Otto has a very strong balance sheet and is well advanced on prospective exploration activities in both the Philippines and Tanzania. Pleasingly, we have the financial capacity to undertake these high impact exploration activities and to pay a significant capital return to Otto’s loyal shareholders.'

Singapore, India take stance in South China Sea row By Camille Diola (philstar.com) | Updated February 16, 2015 - 11:35am http://www.philstar.com/headlines/2015/02/16/1424366/singapore-india-take-stance-south-china-sea-row "China growth shouldn't be at the expense of other folks. It shouldn't bully small countries like Vietnam or the Philippines over maritime issues, but try to resolve those peacefully," Obama said.

mms stick them in every other day 2 make them look like sells,lol

RNS Number : 4942V Forum Energy Plc 29 October 2014 FORUM ENERGY PLC ("Forum Energy" or the "Company") Trading Update Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, notes the announcement being made by Philex Petroleum Corporation ("Philex") to the Philippines Stock Exchange today in relation to its financial performance for the nine months ended 30 September 2014. Because Philex controls approximately 60.5% of Forum Energy (including through FEC Resources Inc), this trading update includes a reference to Forum Energy's revenues. Accordingly, Forum Energy confirms its unaudited revenues for the 9 months to 30 September 2014 were US$6.1 Million (2013: US$3.4 Million) up 79% year on year, mainly due to the start of production at Phase 2 of the Galoc oil field (SC-14C).

l2 looks mighty hot

l2 moving north again and buy limits very tight no weak sellers in sight

schlepper I add everyday i have spare cash a no brainer,just a case of buy and tuck away for the big rise

a bit more interest building buys been sneaking in for a week

another little top up for me building a nice little position

Oil Price Continues To Rise After U.S Production Cuts And Europe Growth Expectations By Sachin Trivedi on February 16 2015 12:45 PM http://au.ibtimes.com/oil-price-continues-rise-after-us-production-cuts-europe-growth-expectations-report-1421588 Global Crude oil prices closed at over $52 on Friday’s trade. The rising price of the commodity follows news of production cuts by U.S shale producers. On the demand side, there is also growing expectation that higher economic activity from markets like Europe may lead to higher demand for oil. In the OPEC meeting that was held in November 2014, the organisation decided not to cut production after prices fell sharply. According to a report by Forbes, traditionally it was Saudi Arabia that stabilised the prices by cutting production. This time around, it has been reported that the oil prices have risen because of production cuts by U.S shale oil producers. According to the report, some of the high cost U.S shale oil producers have reacted to low oil prices by cutting production. But the report also notes that there has been no interruption in production for the low cost producers in the country. The report notes that the market has responded just as Saudi oil Minister Ali al-Naimi had hoped it would. In the fight for global oil market share, the Saudi oil Minister had hoped that some of the higher cost oil producers, such as the U.S shale, would forgo their market share to the low cost oil producers from the Middle East. The fall in production may not be the only factor contributing to the rise in global oil prices. According to a report by the WallStreetJournal, the glut in the global oil market may be reducing with increasing demand for the commodity. There is expectation that demand for the commodity will increase in Europe. According to the report, data from the European Union’s statistics agency showed that growth in Germany picked up in the last three months of 2014. The combined GDP of 18 Eurozone countries was reported to be 0.3 percent in the fourth quarter. Global oil prices are expected to stabilise on account of additional production cuts by some companies and an increasing demand for the commodity. Analysts are currently monitoring the level of demand for oil, given its current low prices, and its effects on the price of the commodity.

Beijing Must Obey Ruling on Sea Dispute By Aiswarya LakshmiFriday, February 13, 2015 http://www.marinelink.com/news/beijing-dispute-ruling385784.aspx China has to comply with any ruling on competing territorial claims with the Philippines in the South China Sea even if it will not take part in case before Hague court, opined Philippine judge, reports Bloomberg. Philippine Supreme Court Justice Antonio Carpio said that it doesn’t matter if China doesn’t appear, if the tribunal finds that there is jurisdiction, the tribunal will proceed. His country doesn’t want anyone, any state to resort to armed force in settling this dispute, he affirmed. Earlier in January 2013, China has refused to participate in the case before the Permanent Court of Arbitration in The Hague that the Philippines brought. Meanwhile, Japan called for international laws to be respected in territorial disputes, as it hosted a symposium in the latest bid to corral global opinion over its rows with China. "In recent years, we have seen an increase in the frictions and tensions in the seas of Asia," Foreign Minister Fumio Kishida said. China rejects international mediation and has said the dispute can only be resolved through bilateral negotiations. Disputes over the waterway are mounting as Asian neighbors push back against Chinese moves to assert claims to almost the entire South China Sea, one of the world’s busiest shipping lanes rich in marine resources. However, Chinese President Xi Jinping has told the head of Vietnam's ruling Communist Party he treasured the two nations' traditional friendship, but disagreements needed careful handling to ensure regional stability amid an ugly dispute. Anti-Chinese violence flared in Vietnam last year after a $1-billion deep-water rig owned by China's state-run CNOOC Oil Company was parked 240 km (150 miles) off the coast of Vietnam in the South China Sea.