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Article: Remaining Galoc consortium members raise stake in oil well
- Article from:
- The Manila Times
- Article date:
- July 11, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Jul 11, 2009. Provided by ProQuest LLC. (Hide copyright information)
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SOME of the Galoc oil field's consortium members jacked up their interest in the project with the exit of two minority stakeholders.
In a regulatory filing, Nido Petroleum Ltd. of Australia said it has increased its interest in Galoc by 0.60 percent to 22.88 percent.
The increase was brought about by the sale of PetroEnergy Resources Corp. and Alcorn Gold Resources Corp. of their respective 1.03 and 1.53-percent shares in the project.
"The acquisition from minority partners signifies Nido's confidence in the Galoc operation, which has to date, produced over 2 million barrels of oil (more than 500,000 barrels net to Nido) since first oil in October 2008," Joanne Williams, Nido deputy ...