Raisama subsidiary Peak Oil & Gas had entered into a farm-in agreement over the Cadlao permit acreage, also known as service contract 6, that would have seen it own a 50% stake, with Blade holding 30% and fellow Philippines company VenturOil hold 20%.
But that arrangement was terminated earlier in May because Blade was not satisfied “as to the availability of funding for the Cadlao project” by Peak, a move Peak said was “invalid and ineffective”, as Upstream reported.
Blade
