Kairiki Energy farms out offshore Philippines interest
March 23, 2009
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).
