PXP Energy Corporation

SC 80 (SW Sulu Sea)

PXP Energy Corporation: 12.5%

SC 80, covering an area of 7,800 sq. km, was among the blocks offered in early 2024 by the DOE and the Ministry of Environment, Natural Resources and Energy (MENRE) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) under the 1st BARMM Conventional Energy Bid Round. The block was awarded on October 08, 2025, and is operated by Triangle Energy Ltd (Triangle) with the following participating interests: Triangle 37.5%, Sunda Energy Plc 37.5%, The Philodrill Corporation 12.5%, and PXP Energy Corporation 12.5%.

The Southwest Sulu Sea Basin remains largely under-explored, with several discoveries and a high proportion of wells exhibiting hydrocarbon shows, although commercial production has not yet been established.

A 7-year exploration program is planned for SC 80, divided into four sub-phases. The first sub-phase (SP 1) is proposed to span two years and will focus on initial data gathering and geological and geophysical studies. Key activities in SP 1 include:

• Reprocessing of 2,000 sq. km of 3D seismic data using Pre-Stack Depth Migration (PSDM).
• Integration of existing well and log data.
• Detailed seismic interpretation to refine the understanding of the basin's prospectivity.

Subsequent sub-phases will build on these studies, advancing toward exploration drilling and resource evaluation.

SC 81 (SW Sulu Sea)

PXP Energy Corporation: 12.5%

SC 81, located immediately south of and contiguous with SC 80, was also offered in early 2024 by the DOE and MENRE under the 1st BARMM Conventional Energy Bid Round. The block was awarded on October 8, 2025, to the same consortium with identical participating interests: Triangle Energy (Operator) 37.5%, Sunda Energy 37.5%, Philodrill 12.5%, and PXP Energy 12.5%.

SC 81 covers an area of 5,321 sq. km, with water depths ranging from less than 100 m in the west to over 3,000 m in the east. The block is covered by existing 2D and 3D seismic data, and seven wells were drilled by previous operators. While no commercial discoveries have been made, hydrocarbon indications were recorded in some wells.

A 7-year exploration program, divided into four sub-phases, is planned for SC 81. SP 1 is proposed to run for two years, will focus on initial data gathering and G&G studies. Key activities in SP 1 include:

• Reprocessing and merging of at least 1,600 sq. km of vintage 3D seismic data from two separate surveys.
• Reprocessing of an additional 1,000 line-km of 2D vintage seismic data in the southeast portion of the block, outside the 3D coverage area.
• Integration of available well and log data.
• Detailed seismic interpretation to refine the block's hydrocarbon potential.

SC 86 (Octon Block)

PXP Energy Corporation: 6.8439%

Forum Energy Philippines Corporation: 6.8439%

SC 86 covers an area of 1,400 sq. km, which includes the former SC 6A containing the Octon Field and additional areas relinquished from the adjacent SC 74 in 2022.

In 2018, under the former SC 6A, Philodrill, completed a 3D seismic interpretation of the northern sector of the block, focusing on the Malajon, Salvacion, and Saddle Rock prospects. This was followed in 2019 by a seismic attribute analysis of the Galoc Clastic Unit (GCU) interval. The Malajon and Saddle Rock closures had previously been tested by wells that encountered significant oil shows in the GCU; however, no drill stem tests were conducted in this interval due to operational constraints.

In 2020, a pilot study of the Malajon area was completed using 3D seismic and well data. The study indicated that the Malajon structure has good hydrocarbon potential, warranting further evaluation. Consequently, the Joint Venture approved a detailed Quantitative Interpretation (QI) study aimed at generating pay probability maps and identifying prospective zones for future drilling. The study also included a comprehensive attribute analysis, as several channelized sands within the GCU were identified during the pilot study. The QI study was completed in December 2020.

Due to limited time to drill an exploratory well and develop the field in the event of a discovery, the SC 6A Consortium had decided to surrender the block. The Consortium subsequently submitted a bid under the Philippine Conventional Energy Contracting Program (PCECP) for Petroleum.

On October 08, 2025, SC 86 was awarded to the Consortium, which includes PXP and its subsidiary, FEPC. The first sub-phase of the new contract will focus on further subsurface work to finalize the well location and design for the Malajon Prospect, as well as to appraise the Octon Discovery.

SC 88 (Galoc)

Forum Energy Philippines Corporation: 4.69174%

SC 88 (formerly SC 14C-1) has an area of 834.5 sq. km and is operated by NPG Pty Ltd. The block contains the producing Galoc Oil Field, which has already yielded about 25.33 million barrels of oil (MMBO) since production started in October 2008.

Production of the Galoc Field is via four subsea wells tied back to a Floating Production Storage Offtake (FPSO) vessel "Intrepid Balanghai". The FPSO and subsea facilities are managed by THREE60 Energy under a "Life of Field" Operations & Management (O&M) contract.