BHP Billiton transfer deal

By Russell Searancke

 02 March 2012 01:51 GMT

THE Philippines government has approved the transfer to BHP Billiton of a 60% operating interest in deep-water exploration Block SC55, where the Cinco-1 well is planned to be drilled.

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.



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