Kairiki Energy has an agreement with Shell Philippines for the farm-out of its 40 per cent interest in Service Contract 54 Block B, north-west Palawan Basin. Shell will acquire a 45 per cent participating interest with Kairiki contributing 18 per cent and partner Nido Petroleum 27 per cent. Separately Kairiki announced it will make a placement of 84 million shares and a 1-for-5 rights issue, both at 4¢ a share, to raise up to $8.52 million.