Co-venturer Otto Energy said the Philippine’s Department of Energy had approved the transfer, which was set in motion last December when Otto and BHP agreed farm-in terms.
Partners are now BHP Billiton with 60%, Otto subsidiary NorAsian Energy with 33.18% and Trans-Asia Oil & Energy on 6.82%.
Otto said planning for the start of drilling of Cinco-1 is continuing, with BHP Billiton due to provide an update on rig status.
