GPC ups interest in Philippine's Galoc field

The Galoc Production Co. (GPC) has agreed to acquire an additional 1.55% working interest in the Galoc oil field in Service Contract 14, block C1, offshore Palawan Island, Philippines.

Offshore staff

PERTH, Australia -- The Galoc Production Co. (GPC) has agreed to acquire an additional 1.55% working interest in the Galoc oil field in Service Contract 14, block C1, offshore Palawan Island, Philippines.

This acquisition increases GPC's working interest in the field from 58.29% to 59.84%. As a result Otto Energy's indirect interest in the project will increase by 0.49% to 18.77%.

The acquisition follows the decision by GPC to acquire the interests of minority partners, PetroEnergy Resources and Alcorn Gold Resources, along with a number of other partners in the project. The completion of the acquisition of the increased working interest is subject to formal agreements by all participating joint venture partners.

FPSO contractor, Rubicon, has mobilized equipment to the Galoc field to reinstate production. A further offtake from the FPSO occurred this week, the companies say.

07/09/2009

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