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Pitkin Petroleum, a subsidiary company of PXP Energy Corporation chaired by businessman Manuel V. Pangilinan, has formally served a ‘notice of dispute’ and seeks US$100 million claims against Australian partner Karoon Gas Australia Limited on the latter’s alleged breach of drilling commitment for a
The operator Karoon has received notice from Pitkin about drilling a second well
BusinessWorld May 26, 2021 | 12:05 am The block is situated in the Tumbes Basin offshore Northwest Peru. In its disclosure, Manuel V. Pangilinan-led PXP said that Karoon Energyâs unit KEI Sucursal del Peru, the operator of the block, was supposed to drill a second well during the third exploration phase, as stated in its contract. If the well is not drilled during this time, KEI must continue drilling activities until the fourth period of the exploration phase. KEI is also required to pay Pitkinâs participating interest of 25% in all expenses incurred until the secon...