The Philodrill Corporation

THE PHILODRILL CORPORATION

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CSR NEWS

11/29/2011

The Philodrill Corporation received a letter of commendation and gratitude from the Office of the Governor of the Province of Palawan

(click here to read the letter in PDF format)

PETROLEUM OPERATIONS UPDATE

Galoc Operations Update (As of November 28, 2011) The Galoc Production Company (GPC), operator of the Galoc Field, advised that field production operations were temporarily suspended starting November 23, 2011 as part of the preparations for the programmed 3-month turret installation work that will take place in a Singapore shipyard. After completing the last offtake of about 361,000 barrels on November 25th, the FPSO Rubicon Intrepid was disconnected from the mooring and riser system and is now in transit to Singapore with ETA at the Keppel shipyard on December 2nd. The upgrade of the existing mooring system into a turret system is expected to substantially increase the reliability and uptime of the FPSO and is a crucial component of infrastructure to enable GPC and its partners to move ahead with a potential Phase II development program. Meanwhile, the seabed anchor laying program and riser modification works have started at the Galoc Field site in preparation for the reconnection of the FPSO Rubicon Intrepid on return from Singapore in late Q1 2012. Production will re-commence shortly after the FPSO reconnection.

Petroleum Contracts

Palawan:

Mindoro:

SC 53 - Onshore Mindoro

Sulu Sea:

SC 41 - Sulu Sea

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Corporate Vision

To be the leading publicly-listed company with a wide portfolio of oil and gas projects in the Philippines.

With these oil and gas projects, we will help attain the ultimate goal of energy self sufficiency for the country.

Corporate Mission

Our mission is to enable our stakeholders to participate in the growth of the Philippine energy sector, fully aware of our obligation to enhance shareholder values.

We will contribute to Philippine growth and development by harnessing our untapped oil and gas resources and acting as responsible stewards in its development.

To improve the lives of the people by creating employment, generating revenues for the government at the same time protecting the environment.