total of 11.6 million bopd   

KEY FACTS 

Location: Northwest Palawan Basin, Philippines
60 km Off shore from Palawan Island

Area: SC 14: 850 hectares

Water Depth: 350 meters
Participating Interest: SC 14 C-2( West Linapacan) : 6.123%

Discovery: October 1990

API gravity: 32”-34”
Seismic Coverage: 3D (completed in 1999)

Production: WL A: 8.5 mmbo

Production History: WL B: 2,900 bpod (test production rate)
                           Est. Proven Reserves: 109 mmbo
                           1991: 3 wells completed
                           production started: May 1992 @ 1,700 bopd
                           production decline: Dec. 1992

                           Re-completions are made to further   increase oil 
                           production & reduce water cut.

                           early 1996: field was shut in since operations has
                           become “uneconomic”.

KEY FACTS 

Location: NNW offshore Palawan near Galoc Field

Participating Interest:  Octon: 0.501%    North: 1.570%

Discovery: 1990

Total Recoverable Reserves: 18 mmbo

Nos. of wells drilled: 4 (Octon 1-3; Esperanza 1)

Seismic Coverage: 3D (entered 1996 with SOCDET)

Oil Prospects: Malajon Oil Prospect:
                       Recoverable Reserves: 725 mmbo
                       Water depth:62 m
                       Recovery Factor:  30%
                     Malajon Gas Prospect:
                       Recoverable Reserves 1.1 TCF
                       Water Depth:62 M
                       Recovery Factor: 70%
                     Barselisa Turbidite Prospect: 
                       Recoverable Reserves:1.240 mmbo
                       Water Depth:  75-200 m
                       Recovery Factor: 30%

Production Update:  Production stage was not completed
                             3D seismic completed in 1997
                             Data interpretation completed in 1998
                             Vitol, farm-in the Octon in 2007

KEY FACTS 

Location: Offshore NW Palawan adjacent to Matinloc/production

Participating Interest: 7.031%           

Areal Extent: 567 km2

Est. Oil in Place:  Around 1.0-1.2 mmbo

Recovery Factor: 30%

Production Update: Commercial Oil was discovered but Bonita 1 flowed
                            at combined rates of 2,102 bopd
                            Actual Development deferred

KEY FACTS 

Location: Onshore and offshore NW Leyte and in South Cebu Strait

Participating Interest:  9.320%             
                                                        
Area: 444 hectares in two disjointed blocks

Water Depth: 200- 800 meters

Probable Oil Reserves:  30-80 mmbo

Project Status: Operator entered into 2nd Exploration Sub-Phase while scouting for a 2D seismic boat to complete work commitment during the 1st  Exploration Sub-Phase. 2nd Exploration Sub-Phase requires operator to drill one well in Argao prospect.