In 2009, negotiation between Philodrill and Blade Petroleum was started for the latter’s purchase of Philodrill’s over-riding revenue interest (ORRI) entitlement in the Cadlao Production License. This negotiation continued on in 2010 and progressed with the entry of Peak Oil & Gas Limited (Peak) as the lead party to the contemplated ORRI sale.
In September 2010, Philodrill and Trans-Asia Oil & Energy Development Corporation finally consummated the sale of their respective ORRI shares to Peak thru a Sale and Purchase Agreement and a Deed of Assignment which the DOE approved in December 2010. |
