SWAN Block  (NW Palawan)

(text taken from 2008 Annual Report)

PHILODRILL continued to wait for any firm indication of PNOC-EC’s response to the earlier proposed PHILODRILL participation in SC 57 and SC 58.  PHILODRILL provided PNOC-EC with relevant technical data on West Linapacan to assess the block’s potential and the merit of PHILODRILL’s proposed equity swap.

In April 2009, PHILODRILL withdrawn the original proposal and instead offered some of its interest in other areas such as Onshore Mindoro, Bonita and Octon Blocks.  PHILODRILL has yet to receive PNOC-EC’s reply to the new offer.