Farmors, a consortium of local oil and gas exploration companies will retake the more than 50 percent stake of Pitkin Petroleum Plc in Service Contract (SC) 14C2 in the Palawan Basin.
Farmors earlier terminated the farm-in agreement (FIA) with Pitkin for the SC14C2 project after the latter failed to meet development programs.
Philodrill Corp. said Farmors already informed the Department of Energy (DOE) of the termination of FIA with Pitkin for SC14C2.
Farmors is comprised of Cosco Capital Inc. (formerly Alcorn Gold Resources Corp.), Forum Energy Philippines Corp., Oriental Petroleum & Minerals Corp., Linapacan Oil & Gas Power Corp., PetroEnergy Resources Corp. and the Philodrill Corp.
Pitkin signed a FIA with the majority of the block’s consortium in May 2008 but failed to meet work program including the drilling of one well, reserves re-certification, front-end engineering design, final investment decision and other related work.