MANAGEMENT STATEMENT

Recently, almost all the news media outlets, both on television, print, and online, including all social media platforms, continue to report misinformed news especially on the Malampaya-Shell Philippines Exploration B.V. (SPEX) Share sale which is causing a negative impact, not only to the image of the Company, but also to the morale of our Board of Directors, Officers, and Employees.

We, in PNOC Exploration Corporation (PNOC EC), would like to inform the public that the sale of the shares of SPEX in the Malampaya has not reached its final stage.  The statements of our detractors saying that this is a done deal is entirely false and at the same time, it belittles the efforts of our Board of Directors and Officers who have put numerous options on the table, making sure that there is sufficient evaluation to make certain the best choice emerges, not just for the Company, but most importantly, for the energy security of this country and the Filipino people.

It is against this backdrop that we want to assure the public, our partners, and our stakeholders that we have stringent control measures and systems in place to make certain that we come up with a sound business decision particularly to this transaction, and that we will fulfill our mandate to help sustain the growth of the economy and the social well-being of our nation.

PNOC EXPLORATION CORPORATION
BOARD OF DIRECTORS, MANAGEMENT, AND EMPLOYEES