The Department of Energy has approved the transfer of the 70 percent participating interests of the joint-venture partners in Service Contract 6A or the Octon Block to UK-registered Pitkin Petroleum Plc.
In separate disclosures to the Philippine Stock Exchange, Philodrill Corp., Anglo-Philippine Holding Corp. and Trans-Asia Oil and Energy Development Corp. said that the DoE has also approved the appointment of Pitkin as operator of SC 6A in accordance with the Deed of Assignment and Assumption.
A new work program will be set in place, and $4 million will go to the acquisition, processing and interpretation of 500 square kilometers of 3D (three-dimensional) seismic data, said Philodrill.
Apart from Philodrill, Trans-Asia Oil and Anglo-Philippine, the other farming out parties are Philex Petroleum Corp., PetroEnergy Resources Corp., Forum Energy Philippines Corp. and Alcorn Gold Resources Corp.
It was not clear how the remaining 30 percent will be divided among the farming out parties.
According to data from the website of Philodrill, the consortium operating the Octon block originally planned to spend $546,000 (roughly P23 million) for this year’s work program.
The original work program involved the reprocessing of 3D data over the northern block to firm up the various exploration prospects in the area, including West Malajon, Barselisa and Salvacion.
The Octon block is said to contain at least 3 billion cubic feet of recoverable natural gas that can be used as fuel for power generation.