The Philodrill Corporation
#1
Business Profile:

The Philodrill Corporation (the “Company”) was incorporated in 1969, originally, with the primary purpose of engaging in oil, gas and mineral exploration and development. In 1989, realizing the need to balance the risk associated with its petroleum activities, the Company changed its primary purpose to that of a diversified holding company while retaining petroleum and mineral exploration and development as one of its secondary purposes. Thereafter, the Company has maintained investments in petroleum exploration and production, financial services, property development, mining and infrastructure development. On January 16, 2008, stockholders representing at least two-thirds of the Company’s outstanding capital stock approved to change the Company’s primary purpose back to petroleum exploration and development and to relegate and include as a secondary purpose the Company’s holding company purpose clause, which the SEC had approved on April 13, 2009.

The Company’s active petroleum projects cover production and exploration areas in offshore Palawan and South Sulu Sea and onshore Mindoro under various Service Contracts (SC) and Geophysical Survey and Exploration Contracts (GSEC) with the Philippine government through the Department of Energy (DOE).

In the financial services sector, the Company is a 40% shareholder of Penta Capital Investment Corporation (Penta Capital), an investment house. Penta Capital holds equity interest in several companies such as, Penta Capital Finance Corporation, a finance company (98.75% owned), Penta Capital Holdings Inc., an investment holding company (29.54% owned), Penta Capital Realty Corporation (100% owned) and Intra-Invest Securities, Inc. (68.47% owned). The Company also holds a 13.76% direct equity investments in Penta Capital Holdings Inc..

In the mining sector, the Company holds minor equity interests in the following companies: Atlas Consolidated Mining & Development Corporation.; Vulcan Industrial & Mining Corporation and United Paragon Mining Corporation
.

Source: Annual Report 2010

Results of Operations:

Petroleum revenues increased by P279.8 million or 227% mainly due to the increase in the company’s share in Galoc revenues and crude prices. For the period ended March 31, 2011, average price per barrel was $104.75 as compared to $75.45 for the same period last year.

Equity in net earnings of associates decreased by P2.7 million or 41% due to the lower level of income booked by Penta Capital Investment Corporation.

For the interim period ended March 31, 2011, P58.7 million gain was booked on the sale of the company’s 1.65% ORRI in Cadlao field.

Interest income increased by P4.2 million or 226% due to the accrual of interest on notes receivable for the interim period ended March 31, 2011.

Foreign exchange gains/ losses reflected a net loss of P0.7 million for the first quarter of 2011 as compared to net gain of P1.4 million for the same period last year.

Share in costs and operating increased by 17% due to higher level of operating costs during the interim period.

General and administrative expenses increased by P17.9 million or 131% due to higher provision for expenses booked.

Other income increased by P0.9 million, mainly due to the gain on sale of investments booked during the interim period.

Provision for income tax increased by P11.2 million due to current and deferred income tax booked as of end of the interim period.

Net income amounted to P339.2 million for the first quarter of 2011, as compared to P42.8 million for the same period last year.

Source: Q12011 Financial Report


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#2
Philodrill boosts stake in oil fields

Publicly listed The Philodrill Corp. has acquired the minority participating interests of its affiliate in two petroleum service contracts, which cover some 109,000 hectares of existing and potential petroleum areas in northwest Palawan.

In a disclosure to the Philippine Stock Exchange, Philodrill said it had acquired from Vulcan Industrial and Mining Corp. a 7.22 percent participating interest in SC 6A or the Octon block and 5 percent in the SC 14 Tara block.

The deal was effected through a deed of assignment and assumption.

It was, however, not made clear as to how the interests of the involved consortium members will change after the transaction.

Data from the Department of Energy showed that Philodrill is the operator of SC 6A while the Tara block is operated by Trans-Asia Oil and Energy Development Corp.

According to data from the website of Philodrill, the consortium operating the Octon block planned to spend $546,000 (roughly P23 million) for its work program this year.

The work program involves the reprocessing of some 400 square kilometer of 3D data over the northern block to firm up the various exploration prospects and play in the area including the West Malajon, Barselisa and Salvacion.

The Octon block is said to contain at least 3 billion cubic feet of recoverable natural gas reserves.

http://business.inquirer.net/3835/philod...oil-fields
Note: Based on the disclosure of OV, the deed of assignment and assumption is subject to the approval of the Department of Energy.

Reference:

http://www.pse.com.ph/html/disclosure/pd...433_OV.pdf
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#3
Sold the stock after seeing their operation personally. Equipment looks bad, management so so.
The World is a Vampire . . .
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#4
Galoc rehab seen to be ready by Q4

THE SECOND phase of the Galoc oil well development in offshore Palawan is seen to begin soon as rehabilitations there are slated to be completed later this year, Philodrill Corp. said in a disclosure on Friday.

The new system for its floating production, storage, and offloading (FPSO) vessel Rubicon Intrepid is more than one-third complete and is ready for installation in the fourth quarter, Philodrill said.

The new system will boost FPSO operation uptime by at least 95%, and is seen as a go-signal for the company to begin its Phase 2 development program in Galoc, comprising one to three additional wells in the field.

Philodrill shares closed at two centavos last Friday. -- Franz Jonathan G. de la Fuente

http://www.bworld.com.ph/content.php?sec...4&id=34482
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#5
Galoc operator’s profits double

GALOC OIL field operator Philodrill Corp. yesterday said it roughly doubled its second-quarter profits over year-ago levels as rising petroleum prices led to higher revenues from the oil site in Northwest Palawan.
Comprehensive net income surged by 105.5% to P443.04 million for April to June from P215.6 million in the same period last year, the firm said.

Net income of the company grew 113.5% P382.9 million in the second quarter from P179.3 million last year.

This, as petroleum revenues increased by 65% to P506.1 million from P301.6 million in the same period last year.

Expenses of the company in the second quarter went up to P131.4 million from P126.8 million in the same period last year.

Philodrill’s comprehensive net income for the first semester went up by 202.3% to P757.85 million in the from P250.7 million in the same period last year.

Its net income surged 225% to P722.1 million from P222.15 million last year.

Total revenues of the company rose 123% to P1 billion from P448.5 million. Petroleum revenues increased by 114% to P909.2 million in the first half from P424.9 million.

“The increase was brought about by the higher average price per barrel of $115.22 for the period ended June 30 as compared to $78.53 for the same period last year,” the company said in its disclosure.

It added petroleum revenues grew “mainly due to the increase in the company’s share in Galoc revenues and crude prices.”


Source: bworldonline.com

http://www.bworldonline.com/content.php?...e&id=37113
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#6
Malapit na pala ito sa resistance of .022. If market sentiment changes, or if big time gamblers get bored with the market, baka paglaruan ito at i-drawing ang chart. ^^
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#7
naiwan na ako nito. Sad congrats sa mga holders. less than 5 PE ratio ngaung 2011 kung i-annualized ung income nila for 9 months.
Ang Na Ang Na Sulakihin Somaskidot Moko Moko!

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#8
congrats na lng ako kay NESHEM nito..
when GOD steps in, MIRACLE happens.....

It's more fun in FOREX!!!

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#9
Posted on November 23, 2011 09:45:58 PM

Oil to be produced in Palawan by January


BLADE PETROLEUM Philippines Ltd. is set to start producing oil from Northwest Palawan either in December or January, an Energy official told reporters in an interview yesterday.

"Philodrill Corp. and Philex Mining Corp. also hold a 1.65% royalty stake in the area."

http://www.bworldonline.com/content.php?...y&id=42131
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
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#10
Long-term ako rito... fundamentally sound kasi at undervalued pa hehe.
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