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Aussie company 'bullish' on finding Philippine oil

MANILA -- An Australian company will soon begin drilling for oil on the Philippine island of Cebu, hoping to tap what may be a huge source of undiscovered wealth for the archipelago, Manila said Monday.

Sydney-based Gas2Grid Ltd. will drill two wells in Carcar City and one in the coastal town of Aloguinsan within three months, Energy Undersecretary Jose Layug said.

The company is “bullish” about the prospect of success which could eventually yield as much as 69 million barrels of oil and 50 billion cubic feet (1.5 billion cubic meters) of gas, he added.

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