C08835-2023

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 19, 2023
2. SEC Identification Number
38683
3. BIR Tax Identification No.
000-315-612-000
4. Exact name of issuer as specified in its charter
The Philodrill Corporation
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
8th Floor Quad Alpha Centrum Bldg., 125 Pioneer St. Mandaluyong City Postal Code 1550
8. Issuer's telephone number, including area code
(02) 8631-8151 to 52
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 191,868,805,358
11. Indicate the item numbers reported herein
Item 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.

The Philodrill CorporationOV

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

Extension of Subscription Call
Background/Description of the Disclosure

At the regular meeting of the Board of Directors of The Philodrill Corporation (the "Company") held today, December 19, 2023, the Board approved the extension on the subscription call for the 50% balance on subscriptions to the 2009 Stock Rights Offering (SRO) which may be called for payment by the Board of Directors at any time, on or before December 31, 2024. As of November 30, 2023, the 50% balance on the subscriptions receivable from the 2009 SRO amounts to P175,208,109.86.

In 2009, the Company offered for subscription (SRO) 38,373,761,071 new common shares with a par value of P0.01 per share to all stockholders of record as of October 16, 2008. The Stock Rights Offer commenced from January 15, 2009, 9:00 a.m. until February 11, 2009 at 12:00 noon. An eligible stockholder was entitled to subscribe to one (1) offer share for every four (4) common shares held as of record date at an offer price of one centavo (P0.01) per share. At least 25% of the subscription price shall be payable upon subscription, another 25% shall be payable after 60 days from end of offer period, and the balance upon call by the Board of Directors not later than December 31, 2009.

The December 31, 2009 deadline was extended further as the Galoc field started producing. During that time, the Company had a positive cash flow, there was no need for additional funds to cover operating expenses. In the recent years, with the Company’s prudent measures
implemented, it was able to sustain opex without needing to call on the subscription payments.

As the Board continue to weigh in on the current situation with delays in the implementation of some of the Company's projects and with no immediate need for liquidity, the Board has decided to further extend the subscription call period to “at any time, on or before December 31, 2024.
Other Relevant Information

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Filed on behalf by:
Name Josephine Ilas
Designation Assistant Corporate Secretary