Canada's Vital Resources' project equity has been slashed to 1% from the 35% it had held, leaving Australian operator Otto Energy with a 99% stake.
The Calauit field is in Service Contract 50 in the North West Palawan basin, not far from the giant Malampaya project.
Otto had single-handedly brought the project along until Vital finalised a farm-in last November. Vital met its cost obligations until a recent 3D seismic study, which the Canadian struggled to fund, said sources.
Renegotiations
