Strike Energy to acquire offshore Philippines interest

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.

12/17/2009

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