PXP: Petroleum Service Contract No. 75

Pasig—(PHStocks)— Philex Petroleum Corp. (PSE: PXP) received from the Department of Energy (DOE) the duly executed copy of Petroleum Service Contract No. 75 (SC 75).

SC 75 covers an area of approximately 616,000 hectares in the Northwest Palawan Basin, which was referred to as Area 4 in the 4th Philippine Energy Contracting Round for Petroleum (PECR4 Area 4).

The Petroleum Service Contract for PECR4 Area 4 was awarded to the bid group comprising Philex Petroleum Corporation (Operator, 50%), PNOC Exploration Corporation (35%), and PetroEnergy Resources Corporation (15%).