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With approval by the majority of the stakeholders in the various
blocks, Philodrill granted Venturoil an extension of their farm-in
option through to September 2009. In a meeting held in October
2009, the partners informed Venturoil that it no longer has the
exclusive farm-in right over the various areas and that Venturoil
would need to be recognized by the DOE first as a qualified service
contractor before the partners will re-open negotiations with them.
Venturoil acknowledged the issues and agreed that they would pursue
accreditation with the DOE before renegotiating with the partners.
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