THE PHILODBILL COBPORATION

OUAD A LPI]A CENTBUM, 125 PIONEER, MANDALUYONG CITY PHILIPPINES

TEL NOS. 631-1801 TO 05 i63l-8151/52 r FAX (632) 631-8080 , (632) 631-5310

March 1 0,

201 5

DOE - RECORDS

MS. ZENAIDA Y. MONSADA

Undersccrctary
Department of Energy
Energy Center, Rizal Drive
Bonifacio Global City, Taguig City
Seraice Cofltflct 6A
Deed of Assignmeflt

Subject:

- Octofl Block

Assumptiotr

Dear Usec. Monsada:

We transmit herewith for the Dcpartment of Energy's consideration and approval

the Deed of Assignment (DOA) dated March 9, 2015, entered into by and between
Pitkin Peholeum Plc and partners Alcorn Petroleum and Minerals Corporation,
Anglo Philippine Holdings Corporation, Forum Energy Philippines Corporation,
PetroEnergy Resources Corporation, Philex Petroleum Corporation, Trans-Asia
Petroleum Corpolation and The Philodrill Corporation.

Pitkin Pekoleum Plc, under Article 4.3 of the accompanying Farmin Agreement
dated July 21, 201-1, agreed to rc-assign all of its seventy percent (70%) earned
participating interest in Service Contract 6-A - Octon Block equitably back to the
aforementioned parties which have mutually agreed to accept the same.
Thank you and we look forward to your favorable response to this request.

Very truly yours,

{r,4*.-'> /r-.,-,-,FRANCISCO A. NAVARO

Prcsident

Abad
Ocampo
F.ncbsed: As sLah\l

DEED OF ASSIGNMENT
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Assignment (the "Deed"), made and entered
, by and betweeni

NAR 09 2015
day of

this

PITKIN PETROLEUM PLC, a public limited company organized

and existing under the laws of England, represented in this act by its
Managing Director & CEO, Mr. Arturo A. Morado, Jr., hereinafter
referred to as the .4SS1GIO-R;
arrd

ALCORN PETROLEUY AND MII*ERALS CORPORATION,

ANGLO PHILIPPINE HOLDINGS CORPORA.TION, FORUM
ENERGY PHII,IPPINES CORPORA.TION, PETROEN"ERGY
RESOURCES CORPORATION, PHILEX PETROLEUM
CORPORATION. TRANS-ASIA PETROLEUM CORPORATION
and THE PHILODRILL CORPORATION, corporations duly
organized and existing under the iaws of the Rcpublic of the
Philippines, rcprescnted herein by their respective Presidents,
collectivelv rcferred to as the lSSlGNrrS.

WITNESSETH TIIAT:
WI.IHRItAS, the ISSlG-lr'rr,S are the odginal holders of 100o/o participating
interest in SeNice Contract No. 6 (SC 6) dated September 1, 1973, belween the
Government of the Republic of the Philippines and the lSSlG rEs and/or thcir
predecessors in interest, ilsofar as SC 6 covers the Octon B]ock, Northwest Palawan;

WHEREAS, thc,4SS1GNEES previously assigned an undivided 70%

participating interest in the Octon Block (the "Farm-h Interest") pursuant to a Deed
of Assignment and Assumption (DOAA) dated July 11, 2011 in lavour of
ASSIGNOR:

WHEREAS, the assignrnent of the Farm-ln Interest u11der the DOAA was
subject to thc tems and conditions of the accompanying Farm-in Agrecment (FIA)
concurrently dated July 11, 201i and executed by the Parties;
WHEREAS, under Article 4.3 of tho FIA, ,4SS1GNO-R (designated "Farmec '
under the FIA) is obliged to return the Farm-In Interest under thc DOAA to the
(Farmee) decides not to exercise its option to undcrtake Phase 2 of the

Program.

y,

l/"

IIA

Work

WHEREAS, in a letter dated September 5, 2014, AS.S16NOR (Farmee)

formally notified the ASSIGNEES (Farmors) of ils decision not 10 exercise its option
under the FIA to proceed with Phase 2 ofthe FIA Work Program;
WHEREAS, ASSIGNOR is willing to reassigll the Farm-In [nterest back to the
ASSICNEES. and the ASS/GNEES are willing to accept the same, free and clear of
any and all lieDs, encumbrances and obligations other than those existing under the
SC 6-Octon BIock and its coresponding Operuling Agrcemeot;

NOW, THEREFORE, pursuant to the terms and condition of the FIA, the
ASSIGNOR does hercby cede, transfer, revert and reassign the Farm ln Interest to the
ASSI6NU-ES, in accordance with the percentages shown below:

Party

Before Assignment

After Assignment

'70.00ca

0.000/.

15.507a

5l.65co

Petro Energy

5.00ca

t6.67Ea

Angio
Philex Petroleum

3.337o

11.ll9o

| .6'7 Vo

5.560/a

Forum Energy

1.61%

5.569o

Trans-Asia Petroleum
Alcorn I)elroleum

2.33o/o

'7.'7870

0.50Vo

1.670/o

Pitkin Petroleum
Philodrill

1'he reassignment of Farm-ln Interest shall represent full setllement of the

ASSIGNO^'J obligations under the FIA. The Parties hercby acknowledge that this
Assignment is delivered and accepted subject to the terms and conditions of the FIA
and fufther subjecl to the approval/consenl of the Government. acting though the
Departmenl of Energy (DOE).

IN WITNESS WHEREOF, tlrc pafties have hereunlo signed this DEED OF

ASSIGNMENT on the date above written.

,,lssrcNon:
PITKIN PETROLEU

Managing Director & CEO

ASSIGNEES:
ND MINF],RALS CORPORATION

eonardo B. Davao

ANGLO PHI

HOLDINGS CORPORATION

By:
Chistopher M. Gotanco (<r(

F'ORIJM
By:
Daniel

GY PHILIPPINES CORPORATION

P. Carlos

President

PETROENERGY RESOURCES COR}ORATION

Milagros
President

PHILEX PETROLEUM CORPORATION

BarUara Anne C Migallos

Corporate S ecr tary
CORPORATION

Fraicilco L.
Presiddnt

THE PHILODRILL C
Francisco A. Navarro
President

Signed in the presence

oi

ACKNOWLEDGEMENT
Republ

tbif$et8l,ff t,",)t
r.

r.

BEFORE ME, a Notary Public for aIId in the City of Makati, Meto Manila,
personally appeared:
Passport No.

Name

Artulo A. Morado, JI.

Leonardo B. Dayao
Christopher M. Gotanco
Daniel Stephen P. Caxlos
Milagros V. Reyes
Barbara Anne Migallos
Francisco L. Viray
Francisco A. Navarro

EB4505917
EC0360234
EC0206506
EB8770543
E82991933
ECo356963
E80308400
EB 18s6218

Date & Place of Issue

lan.2l,2012 DFA Manila

Feb.20,2014 DFA Manila

Feb.4,2014 DFA Manila

fuly 24,2013 DFA Manila
July 11,2012 DFA Manila
Feb.20,2014 DFA Manila
DFA Manila
June 2, 20 1
DFA
Manila
3,
2011
Feb.

knoon to me to be the same persons who executed the foregoing Deed of

Assignment, consisting offow (4) pages, including this page, and they acknowledged
to me tllat they executed the same as their free and voluntary act and deed.

tN WITNESS WHERIOF. I have hereunlo set may hand and affixed my

notarial seal [id8

No. sQfi
PaeeNo. 7r;
B;k N"
Doc.

-r-:

Series

of 2-0li

09d20ffi