The DOE granted the Bonita Block Consortium the 15-year extension of the contract term reckoned from March 1, 2009. In support of the extension request, the consortium submitted to the DOE the work program earlier proposed by a farm-in candidate, VenturOil Philippines Inc., as the initial work commitments for the block. The exclusivity of VenturOil expired in September 2009 but indicated their interest to continue to pursue their farm-in into the block.
In September 2010, VenturOil in partnership with Peak Oil and Gas Philippines Ltd. and Blade Petroleum Philippines Ltd., submitted a revised offer which involved the commitment to complete of the outstanding work program for the area by April 2011, with an option to farm-in thereafter. Negotiations were held and the farm-in documents executed and submitted to the DOE. Meanwhile, the consortium had requested for and had been granted by the DOE an extension on the submission of work program and budget for 2011 until end-April 2011 at which time the farminees would have completed the outstanding work program for the block. |
