In late 2009, potential farminee VenturOil Philippines, Inc. lost its exclusive farm-in right over these areas as a result of the long-drawn-out period to complete their technical due diligence. When they indicated to seek a further extension, the stakeholders in the different blocks suggested that VenturOil must first secure accreditation with the DOE as a qualified service contractor before it can negotiate with the partners. Since then, we have not received any indication from VenturOil of their interest to pursue a farm-in into these areas. |
