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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 second well is completed.
âKEI is in breach of its obligations to Pitkin by not entering into the [fourth exploration phase],â PXP said.
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ASX 200 Weekly Wrap: ASX whipsaws in volatile week
ASX 200 Weekly Wrap: ASX whipsaws in volatile week
Here on our ASX 200 Foolish Weekly Wrap, we look at the things that moved the S&P/ASX 200 Index and the broader share market last week!
Sebastian Bowen has been a Motley Fool contributor since late 2018.
Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one - buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record.
VANCOUVER — A British Columbia First Nations coalition says it s disappointed by the news that a second major investor is looking to sell its shares in the Kitimat Liquefied Natural Gas . . .