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The Philodrill Corporation

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Company Description
The Philodrill Corporation (OV) was incorporated on June 26, 1969 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, OV 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, the stockholders of OV approved to change the Company's primary purpose back to petroleum exploration and development and include as a secondary purpose the holding company purpose clause, which the Securities and Exchange Commission (SEC) approved on April 13, 2009.

With OV's corporate term expiring in 2019, an application for the amendment of its Articles of Incorporation was filed to extend its corporate term for another 50 years. The SEC, on January 18, 2018, approved the Company's amended Articles of Incorporation extending its corporate term for another 50 years, from and after June 25, 2019.

The Company's active petroleum projects cover production and exploration areas in offshore Palawan and onshore Mindoro under various service contracts with the Philippine government through the Department of Energy.

OV is a 40% shareholder of Penta Capital Investment Corporation, an investment house which holds equity interest in: Penta Capital Finance Corporation, a finance company (98.75%-owned); Penta Capital Holdings Inc. (PCHI), an investment holding company (29.54%-owned); Penta Capital Realty Corporation (100%-owned); and Intra-Invest Securities, Inc. (68.47%-owned). OV holds a 13.21% direct equity investment in PCHI.

OV also holds minor equity interests in Atlas Consolidated Mining & Development Corporation and United Paragon Mining Corporation.

Source: The Company (2018)
Security Information
Sector Mining and Oil
Subsector Oil
Corporate Life 50
Incorporation Date Jun 26, 1969
Number of Directors 9
Stockholders' Meeting as per By-Laws June - third Wednesday each year
Fiscal Year 12/31 (Month/Day)
External Auditor SyCip, Gorres, Velayo & Company
Transfer Agent Stock Transfer Service, Inc.
Contact Information
Business Address 8th Floor, Quad Alpha Centrum, 125 Pioneer Street, Mandaluyong City, Philippines
E-mail Address info@philodrill.com
Telephone Number (632) 6318151/52; (632) 6311801 to 05
Fax Number (632) 6318080
Website http://www.philodrill.com