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ANNUAL STOCKHOLDERS' MEETING
June 18, 2014 Wednesday, 2:30 PM
Garden Ballroom, EDSA Shangri-la Hotel
1 Gardenway, Ortigas Center, Mandaluyong City
 
PETROLEUM OPERATIONS UPDATE
(As of December 6, 2013)

Commencement of Galoc Phase II Production

The Philodrill Corporation is pleased to announce the commencement of production from the Galoc-5 and Galoc-6 wells drilled and completed under the Phase II development of the Galoc Field located offshore NW Palawan.  The drilling phase at the field was carried out from June 4 to October 23, 2013 using the semi-submersible rig “Ocean Patriot”.  The construction vessel “Skandi Skansen”, on the other hand, was utilized for the offshore construction/facilities installation phase that immediately followed the drilling activities.

The Galoc-5 well commenced production on December 4th with an initial rate of 7,550 barrels of oil per day while the Galoc-6 well was put on stream the following day at initially the same rate level.  Both wells are being monitored with the rates to be stabilized consistent with initial production settings.   Including the original two wells Galoc-3 and Galoc-4 wells, the Galoc field is expected to be operated at 12,000 barrels of oil per day going forward.

The Galoc field has already produced about 11.38 million barrels of oil since it was first put on stream in October 2008.  The estimated remaining reserve for the combined Galoc Phase1 and Phase2 II, based on 2P estimation, is placed at about 14 million barrels with end-of-field life projected to extend beyond 2020.

 

 
Corporate Social Responsibility (CSR) News
 
11/29/2011
The Philodrill Corporation received a letter of commendation and gratitude from the Office of the Governor of the Province of Palawan
 
2/9/2012
The Philodrill Corporation donated computer set and other equipment to Our Lady of Lourdes Academy, San Jose del Monte, Bulacan.
 
 
 
 
 
Disclosures
 
04.11.2014
Clarification of report posted in the Manila Standard (Internet Edition)
 
04.11.2014
Request for extension to file SEC Form 17-A (CR02228-2014)
 
04.11.2014
List of Top 100 Stockholders as of March 31, 2014 (CR02184-2014)
 
04.07.2014
Disbursement of Proceeds and Progress Report (C01681-2014)
 
04.07.2014
Statement of Changes in Beneficial Ownership of Securities
 
04.03.2014
Report on Number of Shareholders as of March 31, 2014
 
04.03.2014
Foreign Ownership Report as of March 31, 2014
 
04.01.2014
Change in Directors andor Officers (Appointment of New President)
 
03.31.2014
Compliance Report on Corporate Governance
 
03.25.2014
List of Stockholders as of March 19, 2014
 
03.07.2014
Statement of Changes in Beneficial Ownership of Securities
 
03.05.2014
Foreign Ownership Report as of February 28, 2014
 
03.05.2014
Report on Number of Shareholders as of February 28, 2014
 
 
 
Palawan
 
Mindoro
 
Sulu Sea
 
 
 
 
 
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