Kairiki Energy farms out offshore Philippines interest

Kairiki Energy has entered into a conditional agreement with a private oil and gas investment company to farm-out a 17% interest in the inboard portion of Service Contract 54 (SC 54) in the Philippines.

Offshore staff

PERTH -- Kairiki Energy has entered into a conditional agreement with a private oil and gas investment company to farm-out a 17% interest in the inboard portion of Service Contract 54 (SC 54) in the Philippines. Kairiki will retain a 23% interest in the inboard portion of SC 54 (to be named SC 54A) and a 40% interest in the remainder of SC 54 (to be named SC 54B).

SC 54 is located in the North-West Palawan basin in water depths ranging from 30 m to 1,100 m (98 ft to 3,609 ft) and covers an area of 5,418 sq km (503 sq mi).

03/23/2009

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