Exploration firm The Philodrill Corp. is targeting to breach the P2-billion net income mark in two to three years’ time as it anticipates higher revenues from the doubling of oil production at the Galoc oil field in offshore Palawan.
Publicly listed Philodrill Corp. has executed a deed of assignment to effect the transfer of the 70 percent participating interest of several stakeholders in Service Contract 6B, or the Bonita block, in offshore Palawan to three Australian companies.
Publicly listed Philodrill Corp. posted a 159-percent surge in its net income to P957 million in the first nine months of the year from P369 million a year ago, due to higher oil prices.
