|
Venturoil continued with their due diligence and
technical studies of the Bonita Block, along with select SC 14 sub-blocks, with
a view to preparing a farm-in proposal assuming the studies result in a positive
outcome. Their proposal was later revised into an option to farm-in under the
cover of exclusivity for an initial period ending December 2008.
In September 2008, Venturoil proposed a Work
Program and Budget which form the basis for their due diligence during their
extended option exclusivity period ending March 2009. Their proposal included
geological and geophysical (G&G) studies, reservoir evaluation and contingent
G&G. Cost of the program is about USD 620,000.00.
The DOE ruled that the Bonita sub-block, whose
term expired on February 28, 2009, is also not covered by the extension earlier
granted to SC 6 Cadlao Block in July 2008. For this reason, the consortium
agreed during a partners meeting in September 2008 to adopt Venturoil’s proposed
WP&B as the consortium’s commitment and justification for the extension
request. PHILODRILL had a series of negotiation meetings with the DOE in
January and February 2009. Documents recommending the extension of the term of
SC 6B are now with the Secretary of the DOE.
|
