China International Mining Petroleum Company Limited (CIMP, PPIG’s 51% owned subsidiary) acquired 80% participating interests of SC49 in South Cebu and became the operator of SC49 effective from July 1, 2009 under the Deed of Assignment approved by DOE. According to the SC49 contract there is a twenty-five-year production period. The exploration period will last till March 1, 2015. In the end of Year 2010, Sub-phase II terminated and it relinquished 662.5 s.q. km. Currently, it is in the third Sub-phase.

As far as the onshore reservoirs of Alegria Lumpan area in SC49 are concerned, 9 wells have ever produced oil and gas, including one with oil seepage. It is characterized with shallow well depth, the oil-productive horizon laid at Upper Miocene Maingit clastics at 30-600 meters.

Good crude oil quality with density of 0.8236, 9.59% of wax content, 14.44% of asphaltene and congulating point at 16 degrees Celsius. Sufficient pressure difference to allow self-eruption (kick) at initial stages.