LISTED BASIC Energy Corp. said in a disclosure its board had decided to let go of the firm's stake in an oil exploration block off Sulu.
This was after the consortium handling the concession contract decided early this month not to pursue the project, the firm said.
Basic Energy’s subsidiary Southwest Resources, Inc. held the company’s stake in the service contract.
Australia's Tap Oil Ltd., the project leader, decided to back out after failing to get an investor to drill the well.
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