In September 2013, the Company purchased additional shares in The Philodrill Corporation (OV) to increase its ownership from 1.71% to 11.87%. OV posted a consolidated net income of P312.2 million in 2013, compared to P302.7 million in 2012.
As of end-March 2014, Philodrill has posted a net income of P151.63 million as compared to P67.9 million as of end-March 2014. The Company received a total of P11.39 million in cash dividends from Philodrill on March 31, 2014.
The Company likewise continues to hold interests in the following Oil Exploration contracts:
Service Contract 6A Octon, NW Palawan 3.33000 %
Service Contract 14D Tara, NW Palawan 2.50000 %
Service Contract 41 Sulu Sea 1.67900 %
Service Contract 53 Onshore Mindoro 5.00000 %
SWAN Block NW Palawan 33.57800 %
SC 6A (Octon), the operator, Pitkin Petroleum, completed a new 3D seismic survey of the block. Processing and interpretation of the new 3D seismic data is ongoing at Fairfield in Vietnam.
In SC 14 (Tara), the DOE, in a letter dated July 22, 2013, disapproved the transfer of participating interests to farminees, Peak Oil, Blade Petroleum, and VenturOil, as well as the transfer of operatorship to Peak Oil for failure of the latter to submit the required qualification documents to the DOE despite the lapse of more than one (1) year.
In SC 53 (Mindoro), the operator, Pitkin Petroleum, is finalising preparations for the drilling of the Progreso prospect in late 2014.
In Area 15 (Sulu Sea), the DOE will reportedly re-bid the area. Anglo has an option to acquire a portion of Philodrill’s interest in Area 15 in the event that bidders, Philodrill and Philex, are awarded the contract for Area 15.
SWAN Block - The consortium awaits PNOC-EC’s evaluation of the merits of the offer to swap a portion of the consortium’s interest in some blocks in exchange for interests in SC-57 and SC-58, which cover the old SWAN block.