PXP Energy Corporation (formerly Philex Petroleum Corporation) (“PXP” or “the Company”), is a Philippine corporation organized in December 2007 and is listed in the Philippine Stock Exchange.
The Company has interests in various petroleum service contracts in the Philippines and Peru held directly and through its major subsidiaries, Pitkin Petroleum Limited (“Pitkin”) and Forum Energy Limited (“Forum”).
The Company’s direct interest in Philippine petroleum service contracts includes (1) a 50% operating interest in SC 75; (2) a 70% operating interest in SC 74; (3) a 1.65% overriding royalty interest in SC 6 Cadlao and, (4) a 5.56% interest SC 6A Octon; all located in the Northwest Palawan.
The Company holds a 53.43% controlling interest in Pitkin, an upstream oil and gas company registered in the United Kingdom with operations in Peru. Pitkin’s asset is a 25% participating interest in Peru Block Z-38 located in offshore Tumbes Basin.
The Company also holds a 77.5% controlling interest in Forum, with 69.5% held directly and 8.0% held indirectly through a 54.99%-owned subsidiary, FEC Resources, Inc. (“FEC”), a Canadian public company registered with the US Securities and Exchange Commission, the Alberta Securities Commission, and the British Columbia Securities Commission and quoted in North America. Forum, a UK incorporated company with focus on the Philippines, has: (a) a 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, (b) a 100% operating interest in SC 40 North Cebu held through Forum Exploration, Inc., and (c) minority interests in the SC 6 and SC 14 sub-blocks in offshore Northwest Palawan, including a 2.27% interest in the producing Galoc field, held through Forum Energy Philippines Corporation.
Summary of the exploration and production assets held by PXP and its subsidiaries are as follows:
|SC 6 Cadlao||offshore NW Palawan||34||1.65%||Blade Petroleum||ceased production in 1991 redevelopment planned|
|SC 6A Octon||offshore NW Palawan||1,080||5.56%||Pitkin Petroleum||exploration and appraisal|
|SC 72 Recto Bank||offshore NW Palawan||6,160||50%||PXP Energy Corporation||exploration|
|SC 72 Recto Bank||offshore NW Palawan||8,880||70%||Forum Energy||exploration and appraisal|
|SC 40 North Cebu||onshore North Cebu||4,580||100%||Forum Energy||small scale gas production|
|SC 14A Nido||offshore NW Palawan||23.8||8.46%||Philodrill||cyclical oil production|
|SC14B Matinloc||offshore NW Palawan||15||12.40%||Philodrill||cyclical oil production|
|SC14B-1 North Matinloc||offshore NW Palawan||8.0||19.46%||Philodrill||cyclical oil production|
|SC 14C-1 Galoc||offshore NW Palawan||163||2.27%||GPC||oil production|
|SC 14C-2 West Linapacan||offshore NW Palawan||176.5||9.10%||Philodrill||ceased production in 1996 redevelopment planned|
|SSC 14 Tara||offshore NW Palawan||10.28||10.00%||Trans-Asia||-|
|SC 14 Block D||offshore NW Palawan||185||8.16%||Philodrill||-|
|SC 6A Octon||offshore NW Palawan||1,080||5.56%||Philodrill||exploration and appraisal|
|SC 6A Octon||offshore NW Palawan||533||7.03%||Philodrill||exploration and appraisal|
|Block Z-38||offshore Peru||4,875||25%||Karoon Gas||exploration|