Listed exploration firm Philodrill Corp. has secured the go-ahead of the Department of Energy (DOE) to surrender Service Contract (SC) 6A-Octon.
“The DOE has approved the relinquishment of SC 6A-Octon, previously operated by Philodrill,” the company told the stock exchange Tuesday.
Based on a notice sent to Philodrill, the DOE said, “After evaluation, we verified that the SC 6A Joint Venture partners have complied with Philodrill’s technical and financial obligations with the DOE. In view of said compliance, we hereby approve the request of Philodrill for relinquishment.”
The approval of the Notice of Surrender of the Service Contract was submitted on March 31, 2021 to the DOE. Once approved, Philodrill said it will apply for a new Service Contract over the same area under the Philippine Conventional Energy Contracting Program (PCECP).
“Philodrill and the rest of the continuing Partners intend to nominate the surrendered area for a new SC application under the PCECP,” it added.
Philodrill has filed its application for Service Contract for Area 7, with PXP Energy Corp. as co-applicant. The application is still under consideration pursuant to the PCEP. “Approval on the application remains pending and is awaiting the DOE’s final resolution.”
The company posted on its website that it also has a 10.17-percent interest in SC 14-C1, 28 percent in SC14-C2, 81.48 percent in SC53, and 25 percent in SC74.
