PNOC Exploration Board Approves Drilling of Mangosteen Prospect in SC 37

Taguig–(PHStocks)–The Board of Directors of PNOC Exploration Corporation (PNOC-EC, PSE: PEC) has approved the drilling of the Mangosteen prospect located in Service Contract 37 (SC 37).

PNOC EC owns 100% and operates SC 37, which covers 360 sq km of Cagayan Basin (Santiago City, Isabela and Quirino provinces). PNOC EC previously operated the San Antonio Gasfield in SC 37 that produced 3.54 billion cubic feet of gas supplying the 3MW San Antonio Gas Power Plant, which generated electricity for about 100,000 households in the municipalities of Echague, Jones, San Agustin and Santiago City.

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