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In March 2008, Blade Petroleum started negotiations with Cadlao
Block operator Oriental for the purchase of Oriental’s interests
on the block. Blade Petroleum had earlier acquired the 44.9437% participating
interest of Phoenix Energy sometime in mid-2007. Blade Petroleum likewise
made an offer to acquire the 4.95% ORRI interests of the carried parties
(PHILODRILL, TransAsia and Philex)
for USD 300,000 which the three carried partners turned down.
Blade Petroleum eventually became the sole contractor for the
Cadlao Block when they finally bought out Oriental interests on July 18, 2008.
As the new operator, Blade Petroleum requested for and was granted the final
extension of the Cadlao Block in September 2008, with the reactivation of Cadlao
Field as justification for the extension request. Blade Petroleum had been
studying the possibility of re-activating the field which last produced in 1991.
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