Publicly listed Philodrill Corp. has executed a deed of assignment to effect the transfer of the 70 percent participating interest of several stakeholders in Service Contract 6B, or the Bonita block, in offshore Palawan to three Australian companies.
In a disclosure to the Philippine Stock Exchange Tuesday, Philodrill said the 70 percent stake would be acquired by the local units of three Australian firms, namely Peak Oil and Gas Philippines Ltd., Blade Petroleum Philippines Ltd. and VenturOil Philippines Inc.
The transaction, however, will still be subject to the approval of the Philippine Department of Energy.
In February this year, the three companies exercised their option to acquire the stake, pursuant to the farm-in agreement signed in the same month.
Under the farm in agreement, Peak Oil, Blade Petroleum and VenturOil will “free carry the farm out parties in all forward work programs and expenditures until first oil production.”
The new assignment of interests, however, remained unclear.
Earlier, reports showed that among the shareholders expected to sell their stakes in SC 6B were Philodrill and Trans-Asia Oil and Energy Development Corp.
As of end 2010, prior to the exercise of the farm-in option, there were seven shareholders in SC 6B namely Phoenix Gas and Oil Exploration Co. Inc. (28.125 percent); Philodrill (21.875 percent); Oriental Petroleum and Minerals Corp. (14.063 percent); Trans-Asia Oil (14.063 percent); Nido Petroleum Ltd. (7.812 pecent); Forum Energy Philippines Corp. (7.031 percent), and Alcorn Gold Resources and Minerals Corp. (7.031 percent).