UK-registered Pitkin Petroleum Plc is acquiring a 70-percent participating interest in Service Contract 6A off northwest Palawan, following the recent signing of the farm-in agreement and deed of assignment among parties.
Farming out parties involved in the transaction were Trans-Asia Oil and Energy Development Corp., PetroEnergy Resources Corp., Alcorn Gold Resources Corp., The Philodrill Corp., Philex Petroleum Corp., Forum Energy Philippines Corp. and Anglo-Philippine Holding Corp.
In separate disclosures to the Philippine Stock Exchange, the farming out parties said that in exchange for the 70-percent stake in the petroleum block, Pitkin will have to acquire at its own cost, 500 sq.km. of 3D seismic data, worth $5 million.
Pitkin, should it also exercise its options, is expected to drill up to two exploration wells within the Octon block, still at no cost to the farming out parties.
It was not made clear as to how the remaining 30 percent will be divided among members of the group. Amy R. Remo