Australia’s Tap Oil Ltd. has acquired an 85-percent stake in a consortium drilling for oil in the Sulu Sea in the southern Philippines, company statements said Tuesday.
Philodrill Corp. and South China Resources Inc., two members of the consortium, announced in separate statements released to the Philippine Stock Exchange, they had completed a “deed of assignment” to Tap Oil, subject to the approval of the Department of Energy.
It was not stated how much Tap Oil’s acquisition was worth.
This deal “forms part of Tap’s strategy to establish a new area of focus in oil and gas rich areas of Southeast Asia,” South China Resources said.
The consortium will be drilling for oil in the Sandakan basin in the South China Sea, covering an area of about 5,000 square kilometers (2,000 square miles) with water depths ranging from 200 to 2,000 meters (660 to 6,600 feet), the South China statement said. AFP