NorAsia, an Australian independent, assumed the operatorship of the contract area by virtue of a farm-in agreement signed in August 2005 whereby NorAsia assumed 80% interest by carrying out an exploration program which includes the drilling of an exploratory well at their sole cost.

The East Visayas contract area covers two separate blocks, the Cebu-Bohol Strait and the Leyte Block which includes the onshore NW Leyte Peninsula.

PetroEnergy has residual interest of 4.012%.