SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Dec 27, 2018

2. SEC Identification Number

CS200719819

3. BIR Tax Identification No.

006-940-588-000

4. Exact name of issuer as specified in its charter

PXP Energy Corporation (formerly Philex Petroleum Corporation)

5. Province, country or other jurisdiction of incorporation

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

2/F LaunchPad, Reliance cor. Sheridan St., Mandaluyong City Postal Code 1550

8. Issuer's telephone number, including area code

026311381

9. Former name or former address, if changed since last report

n/a

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	1,960,000,000
Debt	2,896,194,767

11. Indicate the item numbers reported herein

9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PXP Energy CorporationPXP

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Payment of Subscription by Philex Mining Corporation and Change in Terms of Subscription by Dennison Holdings Corp. in PXP Energy Corporation Shares.
Background/Description of the Disclosure
PXP Energy Corporation (“the Company” or “PXP”) wishes to inform the Exchange that Philex Mining Corporation (“Philex”) has paid its 25% downpayment or P770.25 million in connection to the Company’s announcement last October 26, 2018, of the signing and execution of a Definitive Subscription Agreement, following the share subscription of Philex of 260,000,000 common shares at Php 11.85 per share for a total consideration of P3.081 billion. Further to the disclosures that the Company made on October 26, 2018 in connection with the Subscription Agreement dated on same date between PXP and Dennison Holdings Corporation (“Dennison”) whereby the latter agreed to subscribe to 340,000,000 common shares in PXP at an aggregate subscription price of Php4.03 billion (the “Subscription Price”), PXP and Dennison have agreed to amend the terms of payment under said Subscription Agreement. On December 26, 2018, the parties agreed to reschedule and accelerate the full payment of the Subscription Price, net of Downpayment, to not later than March 31, 2019. Dennison shall also pay a Downpayment equivalent to one percent the total Subscription Price on or before January 7, 2019. In the event Dennison fails to pay the entire Subscription Price on or before 31 March 2019, the entire amount of the Downpayment shall be forfeited in favor of PXP and the Subscription Agreement shall be terminated at the option of PXP. Following the subscription to the shares and full payment of the Subscription Price, Dennison shall be entitled to at least one seat in the Board, to nominate the Vice Chairman of the Board, and as well as all other rights of a shareholder.
Other Relevant Information
A copy of the amendment to Dennison’s Subscription Agreement dated 26 December 2018 is enclosed in this letter.