LISTED mining firm Philodrill Corp. is now an operator of an oil service contract (SC) 53 or an onshore exploration project for Mindoro natural gas, the company said Monday, quoting a letter from the Department of Energy (DoE).
“After a comprehensive analysis of the technological, legal and financial credentials of the continuing partners, the proposal for allocation of the participating interests between the continuing partners and the appointment of Philodrill as an operator (SC 53) is hereby authorised,” Philodrill said, referencing the DoE in a regulatory application.
As a consequence of the recent developments, Philodrill (OV) and Anglo Philippine Holdings Corp. (APO) will have 81.48% and 18.52% of the participating stake in SC 53, respectively.
In 2014, the SC 53 consortium participants were Pitkin Petroleum Plc, headquartered in the United Kingdom. (35%); Power Resources Associates Ltd. (35%); Philodrill (22%); Anglo (5 percent); and Simple Energy Corp. (3 percent ).
SC 53, awarded by the DoE in 2005, covers 6,600 square kilometers of onshore areas in Mindoro inside the North Palawan Micro-Continental Block.
In a separate filing on Monday, Anglo reported that it had obtained a copy of Philodrill’s disclosure, but that it had “still received formal contact from the DoE on the matter.”
Philodrill’s successful oil ventures include Palawan offshore areas and Mindoro onshore under numerous DoE operation contracts.
Anglo is an investment holding corporation that specializes on construction and infrastructure operations. The group kept shares in Philodrill, among other businesses.