PXP Energy Corporation

PXP Energy Corporation (Operator): 70%

The Service Contract (SC) 74 Block is located in the shallow waters of the NW Palawan region with an area of 4,268 square kilometers. It was awarded in September 2013 to Pitkin and its consortium partner, The Philodrill Corporation (Philodrill), through the Philippine Energy Contracting Round 4, with operating interest of 70% and participating interest of 30%, respectively. In June 2015, Philodrill and the PNOC Exploration Corporation (PNOC EC) entered into a Deed of Agreement (DOA) whereby Philodrill transferred its 5% participating interest to PNOC EC.

In February 2016, Pitkin transferred its share and operatorship to PXP Energy (then Philex Petroleum Corporation). This was approved by the DOE in April 2016.

Exploration

About half of the license block was not covered by seismic data, therefore this became the priority exploration plan. In May-June 2016, CGG, in cooperation with the DOE, acquired multi-client 2D broadband seismic, gravity, and magnetic data in NW Palawan. From this survey, PXP obtained a copy of 1,613 line-kilometers of the dataset. Data processing was completed in December 2016 and, thereafter, PXP conducted interpretation of the said data.

Under the current Sub-Phase 3, the Joint Venture completed a number of geological and geophysical activities to further evaluate the block’s hydrocarbon prospectivity, including seismic interpretation and resource calculation that focused on the Linapacan “A” and “B” oil discoveries.