The Department of Energy approved the request of Philodrill Corp. to relinquish Service Contract 14, including the Nido and Matinloc petroleum blocks, in favor of the government.
Philodrill said in a disclosure to the stock exchange Wednesday it was advised by the DOE of the approval of its application to surrender its rights over SC 14. The company operated Nido and Matinloc blocks, which ceased oil production in 2019.
“We hereby approve the relinquishment of SC No. 14 – Block A [Nido], B [Matinloc and Retention Area], B1 [North Matinloc], D [Retention Area], Tara and Libro,” the DOE said in a letter electronically sent to Philodrill.
Philodrill said the service contracts covering the blocks were surrendered to the DOE last year following the conclusion of production operations.
The technical, financial and legal documents about the relinquishment were evaluated by the DOE.
Philodrill still owns 10-percent stake in SC 14-C1 (Galoc Area) and 28-percent interest in SC 14-C2 (West Linapacan).
The company also took over as the operator of SC 53 or the onshore Mindoro natural gas exploration project last year.
The company was a 40-percent shareholder in Penta Capital Investment Corp. and holds minor equity interests in Atlas Consolidated Mining & Development Corp. and United Paragon Mining Corp. as of end-2021.
Philodrill, which is engaged in oil, gas and mineral exploration and development, posted a net income of P3 million in the first quarter, down from P6.3 million in the same period last year.
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