PXP Energy Corporation

PXP Energy Corporation (PXP or the Company),, is a Philippine corporation organized in December 2007 and listed on the second board of the Philippine Stock Exchange on September 12, 2011 (stock symbol: PXP).

The Company is mainly involved in the exploration, maturation, and production of local and international hydrocarbon resources. Currently, it has interests in various petroleum Service Contracts (SCs) in the Philippines held directly and through its major subsidiary, Forum Energy Limited (FEL).

The Company’s direct interests in Philippine petroleum SCs include:

  • 70% operating interest in SC 74 (Linapacan Block, Northwest Palawan);
  • 50% operating interest in SC 75 (Northwest Palawan);
  • 40% non-operating interest in the Department of Energy’s (DOE) Philippine Conventional Energy Contracting Program (PCECP) for Petroleum Area 7 (Sulu Sea Basin), which is currently under SC application;
  • 100% operating interest in Block A North Recto Bank (Nominated Area No. 6) located in offshore West Palawan, under SC nomination; and
  • 6.84% non-operating interest in the Octon Block (Nominated Area No. 10) located in offshore Northwest Palawan, under SC nomination.

PXP holds a 79.13% controlling interest in FEL, with 72.33% held directly and 6.80% held indirectly through a 78.39%-owned subsidiary, FEC Resources, Inc. (FEC).

FEC is a Canadian public company registered with the U.S. Securities and Exchange Commission, the Alberta Securities Commission, and the British Columbia Securities Commission, and quoted in North America.

FEL is a company incorporated in the United Kingdom, with focus on the Philippines. It has:

  • 6.84% non-operating interest in the Octon Block (Nominated Area No. 10) located in offshore Northwest Palawan, under SC nomination.
  • 70% operating interest in SC 72 (Recto Bank) which covers the Sampaguita natural gas discovery in offshore West Palawan, held through Forum (GSEC 101) Limited (FGL);
  • minority interests in the SC 6 and SC 14 sub-blocks in offshore Northwest Palawan, including a 3.21% interest in the producing Galoc Field, held through Forum Energy Philippines Corporation (FEPC); and
  • 100% operating interest in SC 40 (North Cebu) held through FEPC’s 66.67%-held subsidiary, Forum Exploration, Inc. (FEI).

PXP also holds a 100% controlling interest in Pitkin Petroleum Limited (Pitkin), an upstream oil and gas company registered in the United Kingdom.

PXP owns 100% of Brixton Energy & Mining Corporation (BEMC).

A summary of the exploration and production assets held by PXP and its subsidiaries are as follows:

PXP Energy Corporation

AssetsLocationArea km2InterestOperatorStatus
SC 74 LinapacanOffshore Northwest Palawan3,18870%PXP Energy CorporationExploration
SC 75 Northwest PalawanOffshore Northwest Palawan6,16050%PXP Energy CorporationExploration
Area 7Sandakan Basin, Sulu Sea3,58040%The Philodrill CorporationUnder application for an SC with the DOE
Block A Recto BankNorth of Recto Bank, Offshore Northwest Palawan14,300100%PXP Energy CorporationUnder application for an SC with the DOE
Octon BlockOffshore Northwest Palawan1,6006.84%PXP Energy CorporationUnder application for an SC with the DOE

Forum Energy Limited

AssetsLocationArea km2InterestOperatorStatus
SC 6B Bonita (including Cadlao)Offshore Northwest Palawan5672.4546%Nido Petroleum Philippines Pty LtdProduction
SC 14C-1 GalocOffshore Northwest Palawan1633.2103%NPG Pty LtdProduction
SC 14C-2 West LinapacanOffshore Northwest Palawan176.59.103%The Philodrill CorporationAppraisal & Redevelopment
SC 40 North CebuNorthern Cebu3,400100%Forum Exploration, Inc.Production
SC 72 Recto BankOffshore Northwest Palawan8,88070%Forum (GSEC 101) LimitedExploration
Octon BlockOffshore Northwest Palawan1,6006.84%The Philodrill CorporationUnder application for an SC with the DOE