 Core Net Loss lower at P22.0 million (2021: P32.5 million) following improvement in Galoc operations and reduction in recurring overhead. Consolidated Net Loss Attributable to Equity Holders of the Parent Company lower at P36.1 million (2021: P1.714 billion) due to one-time impairment and decommissioning charges incurred in 2021.

Consolidated petroleum revenues 15.4% higher at P74.1 million (2021: P64.2 million) amid lower crude oil offtake at 479,955 bbls (2021: 631,948 bbls) following higher average crude price at US$94.49/bbl (2021: US$70.46/bbl) in SC 14C-1 Galoc.

Consolidated costs and expenses 3.0% lower at P99.6 million (2021: P102.7 million) brought about by reduction in general and administrative expenses at P59.1 million (2021: P62.1 million), while petroleum production costs in SC 14C-1 Galoc remained flat year-on-year at P40.5 million (2021: P40.6 million).

 On 11 October 2022, the DOE granted the following: (i) the Declaration of Force Majeure for SC 75 and SC 72 from 06 April 2022 until such time as the same is lifted by the DOE, (ii) the inclusion of total expenses incurred as a result of the DOE directive to suspend activities as part of the approved recoverable costs, subject to DOE audit, and (iii) in addition to the period in item (i) above, PXP and Forum will be entitled to an extension of the exploration period under SC 75 and SC 72 corresponding to the number of days that the contractors actually spent in preparation for the activities that were suspended by the DOE’s suspension order on 06 April 2022.