The stock price of Ramos family-run The Philodrill Corporation took a huge jump at the Philippine Stock Exchange (PSE) on Tuesday following its takeover of the Onshore Mindoro gas exploration project.
Philodrill, trading with stock symbol OV, was the third-biggest gainer at the PSE gaining 47.37% to close at Php0.028/share from Php0.017 on Monday.
In its disclosure to the local bourse, Philodrill said that the Department of Energy (DOE) approved the re-assignment of Service Contract (SC) 53 last January 11.
“’After thorough review of the technical, legal, and financial qualifications of the continuing partners, the request for redistribution of participating interests among the continuing partners, and the assignment of Philodrill as the operator, is hereby APPROVED,'” the exploration firm quoted the DOE’s letter in its disclosure.
“As a result, thereof, the participating interests of the SC53 Continuing Parties are, 81.48% for Philodrill and 18.52% for Anglo Philippine Holdings Corp,” the disclosure continued.
The Ramos family also runs National Bookstore (NBS), the country’s largest bookstore chain. Philodrill’s President Alfredo Ramos is the son of NBS founder Socorro Ramos.
SC53 was awarded to Philodrill after its former operator, the Mindoro-Palawan Oil & Gas, Inc., failed to comply with the government’s reportorial requirements.
Prior to its awarding of SC53, Philodrill has been handling ten other exploration projects, mostly off Northern Palawan and in the Sulu Sea.
Photo from The Philodrill Corp. website.