The Company's strategy includes conventional petroleum exploration for oil onshore Cebu in the Philippines where it has produced oil from two separate reservoir intervals in the Malolos oil field. This oil field requires further appraisal and development.
Any oil produced may be sold to local refinery or exported to Singapore and China. The Company also intends to build and operate gas fired electricity generation plants in the Philippines fuelled by any gas discovered.
The Company had been active within the Aquitaine Basin, south-west France where it had one granted exploration licence. The Company has lodged a financial claim against the French Government that has unlawfully, as confirmed by the courts in France up until recently in March 2019 by the Court of Appeal, declined to renew the licence. The outcome of the claim is not yet known.
The Board of Directors brings extensive experience in conventional oil and gas exploration and development combined with expertise in drilling, production and power station ownership and operations. The Directors also have extensive experience working in the Philippines.