Just been googling blade petroleum and came up with this about Raisama interest in SC B6 MANILA - The group of companies looking to revive the Bonita oil field in offshore northwest Palawan failed to bag regulatory approval of their investment in the project.
In a disclosure to the Philippine Stock Exchange, Trans-Asia Oil and Energy Development Corp said the company and its partners in Service Contract 6B have terminated their farm-in agreement with Peak Oil & Gas Philippines Ltd, Blade Petroleum Philippines Ltd and VenturOil Philippines Inc.
The latter three companies would have taken up a 70 percent stake in the exploration block.
"Approval of the Department of Energy to the said deed was not obtained within the prescribed period due to the failure of the [companies] to demonstrate the required financial capacity," Trans-Asia said.
The contract area contains the Bonita field, which is located just north of the Cadlao field, which the same firms are also developing.
Bonita had produced 2,100 barrels per day of oil during the 1980s but development of the petroleum block stopped.
Trans-Asia's partners in the contract area are The Philodrill Corp, Oriental Petroleum & Minerals Corp, Nido Petroleum Ltd, Forum Energy Philippines Corp and Alcorn Gold Resources & Minerals Corp.
RAI Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
