TG Enters Philippines Venture

摘要

Junior Canadian explorer TG World Energy has agreed to farm into the shallow-water Block SC 54A in the Palawan Basin offshore Philippines, giving it a 12.5% stake in the Tindalo oil project due to start production next quarter. TG will take a 7.6% stake in the permit from operator Nido Petroleum, leaving it with 42.4%, and a 4.9% interest from fellow Australian junior Kairiki Energy, reducing its stake to 30.1%, the Australian firms said in separate statements Thursday.