The Philodrill Corporation is pleased to announce the major developments on the various petroleum service contract blocks that the company is involved with. 

The on-going upgrade of the mooring system for the Galoc FPSO “Rubicon Intrepid” continues at the Keppel Shipyard in Singapore where the vessel is presently on dry dock.  Galoc Field operator GPC reported the successful installation of the new turret system early this year and the continuing tests on its functionality.  Vessel contractor ROI now awaits arrival of additional upgrade components such as production swivels even as it continues refurbishing the vessel to ensure its long-term continuous use at the Galoc Field.   At the Galoc site, the new anchors for the FPSO have already been set in place.  The FPSO is scheduled to return to the field and production to recommence by mid-March 2012.

The upgrade of the existing mooring and riser 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 the Galoc Phase II development program.  GPC has commenced pre-planning activities for the further development of the field with a decision on Phase II due to be made around mid-2012. 

GPC likewise reported the completion of a seismic acquisition survey that ran from November 2011 to January 4, 2012.  The newly acquired 3D data is seen to support prospect de-risking and placement of the Phase II wells.

As operator of the other producing sub-blocks in offshore Palawan, the Company continues to produce profitably from the Nido, Matinloc and North Matinloc fields.  These three fields produced a full-year combined total of about 142,500 barrels last year.

Our farmout efforts for the other exploration blocks likewise generated favorable results. We have concluded the farmout of the SC 6B Bonita Block with the Peak Group, coming in the heels of the successful farmout of the SC 6A Octon Block to Pitkin Petroleum in July 2011.

Activities on the rest of the blocks are proceeding according to schedule. Our partners are on the thick of their evaluation works on the West Linapacan and Onshore Mindoro areas.