Home  Blade News Blade acquires 80% participating equity interest in SC 6 (Cadlao), NW Palawan, The Philippines
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Blade acquires 80% participating equity interest in SC 6 (Cadlao), NW Palawan, The Philippines |
Blade Petroleum announces that following more than 12 months of business development effort that it has acquired a net 80% equity interest in Service Contract 6 (Cadlao), North West Palawan, The Philippines.
SC 6 (Cadlao) – 80% equity interest
In August 2007 Blade entered into an agreement with a local Philippines company, Phoenix Energy Corporation(Phoenix), to acquire its 44.9437% equity interest in an offshore Philippines oil field, SC 6 (Cadlao). This acquisition was approved by the Philippines Department of Energy in October 2007.
In July 2008 Blade entered into an agreement with another local Philippines company, Oriental Petroleum and Minerals Corporation (Oriental), to acquire its 55.0563% equity interest in SC 6 (Cadlao). On execution of the acquisition agreement Oriental resigned as Operator of SC 6 (Cadlao) in favour of Blade. Blade’s acquisition of Oriental’s equity interest was approved by the Philippines Department of Energy in September 2008.
In July 2008 Blade applied to the Philippines to Department of Energy to extend the licence for SC 6 (Cadlao) for a further fifteen years from its scheduled expiry in 2009. This application was approved in September 2008.
In September 2008, Blade and VenturOil signed a Sale and Purchase agreement and associated Deed of Assignment allowing VenturOil to farm in to SC 6 (Cadlao) for a 20% equity interest, in accordance with Blade’s prior agreement with VenturOil.
Blade continues to pursue other opportunities in The Philippines. |
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