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Fletcher Challenge Petroleum Phil., et al. Vs. CA, et al.

FLETCHER CHALLENGE PETROLEUM PHILIPPINES, LIMITED, KIRKLAND RESOURCES (HOLDINGS) PLC, BALABAC OIL EXPLORATION AND DRILLING CO., INC., ORIENTAL PETROLEUM AND MINERALS CORPORATION, and BASIC PETROLEUM AND MINERALS, INC., petitioners, vs. THE COURT OF APPEALS (FIRST DIVISION), THE REGIONAL TRIAL COURT OF PASIG, BRANCH 157, PHILODRILL CORPORATION, ANGLO PHILIPPINE OIL AND MINING CORPORATION, and SAN JOSE OIL CO., INC., respondents.

G.R. No. 123292 | 1998-04-20

D E C I S I O N

MENDOZA, J:

This is a petition for review of the resolution 1 of the Court of Appeals dismissing petitioners' appeal. Petitioners and private respondents were members of a consortium which had a service contract with the Philippine government for the drilling of oil wells in two areas (Block A and Block B) in the waters off the northwestern part of Palawan. To finance the drilling operations, petitioners declared cash calls for the members of the consortium to infuse funds. As private respondents could not comply with Cash Calls Nos. 13, 14, and 15, they assigned their shares in Block A to petitioners. Petitioners,...