Strike Energy to acquire offshore Philippines interest
Dec. 17, 2009
Strike Energy has secured an option to acquire an 80% interest in the Cadlao oilfield, offshore Philippines.
Offshore staff
PERTH, Australia -- Strike Energy has secured an option to acquire an 80% interest in the Cadlao oilfield, offshore Philippines.
The Cadlao oilfield is 100% held through Service Contract 6 (Cadlao) by unlisted Australian public company Blade Petroleum. Venture Oil holds a right to acquire a 20% interest.
The field was previously operated by Amoco and produced 11.1 MMbbl between 1981 and 1991. A more recent 3D seismic survey revealed additional structural detail including the potential for undrained oil, Strike Energy says.
First oil production is scheduled for 4Q 2010 and has a potential initial rate of 5,000 to 10,000 b/d.
