Nido Petroleum Ltd announced that the Tindalo Oil well is producing better than expected oil output during a test flow of the oil well. It was initially expected to produce only about 7,000 to 15,000 barrels per day (bpd) but as of June 5 it was producing about 15,000 to 18,689 bpd. Another important fact that was mentioned was that the oil had flowed without the aide of pumping equipment and was flowing via the natural pressure from the well.

Oil obtained during the test flow was stored and will be sold instead of being burned off like in normal practice.
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Otto Energy Ltd, and Australian oil exploration firm announced that they had started oil exploration in Service Contract (SC) 69 that they won from the Department of Energy last May 2008. SC69 is located in the Central Visayas inbetween Cebu, Bohol and Leyte and covers and area of 7,040 sq. kilometers.
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Forum Energy, who owns the service contract (SC 72) of the disputed Oil Rich Reed Bank has allotted $3M for exploring the oil resource in the said area. Forum Energy has 70% ownership of SC 72, while Philex Mining in 2008 acquired 65% ownership of Forum Energy.

Exploration stage is projected to last seven years that will be broken down into 4 phases.
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Petroenergy Resources Corp disclosed to the Philippine Stock Exchange (PSE) that they would undertake a stock rights offering in order to finance their foray into the emerging renewable energy sector. The company is initially known to be as an oil exploration company with oil prospects in the Philippines and Gabon Africa. With their entry into renewable energy generation they plan to setup a subsidiary for this venture that will have a capitalization of P200 M.
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The Galoc oil field holds the distinction of being the first oil field to start pumping oil after the Philippines decided to revitalize its oil industry by offering up exploration contracts for bidding.

Recently, the people behind SC 14, that own the rights to drill oil from the Galoc Oil field, announced that they are preparing to commence the second phase of drilling. With this they are hoping to increase the capacity of the field to 5 million barrels of oil. This will be done by drilling two wells that is expected to produce 4000 barrels per day and add to the current 11,500 barrels per day production rate of the field.
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Philippine Independent Oil Player announced that they are looking to expand and diversify their business in 2010 by going into the alternative energy while promoting the use of biofuels and energy independence for the Philippines. Alternative Energy in the form of solar, wind, compressed natural gas (CNG), biomass, etc.

The funds for this ambitious project will be P500 million and will be sourced internally, by the infusion of new capital, from profits and depreciation.
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