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Service Contract No. 6-B   -   Bonita  (NW Palawan)

 

(text taken from 2009 Annual Report)

 

In August 2008, Venturoil proposed a Work Program and Budget which form the basis for their due diligence during their option exclusivity period which ended in March 2009.  Venturoil’s work program included G & G studies and reservoir simulation.  An extension was granted by the Bonita Block consortium until September 2009 in order for Venturoil to complete their original and amended work program with the end view of submitting a drilling prognosis and program for the different areas that they are faming into, including the Bonita Block.

 

Similar to the SC 6A Octon Block, Philodrill had a series of negotiations with the DOE during the first quarter of 2009 for the extension of the production term of SC 6B – Bonita Block contract which expired on February 28, 2009.  In support of the request, Philodrill submitted Venturoil’s proposed work program as the Bonita Consortium’s commitment.   In June 2009, the DOE granted the extension of the production term of the contract on similar terms and conditions as that of the SC 6A extension and likewise reckoned from March 1, 2009.

 

In October 2009, the Bonita Block Consortium informed Venturoil that they no longer have the right to the option on the block and that Venturoil should be recognized first by the DOE as a qualified service contractor should they pursue negotiations for farm-in into the block.

 
 

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