Ratification of Corporate Actions and Date of Annual Stockholders' Meeting

January 21, 1999 PSE CIRCULAR FOR BROKERS NO. 100-99 January 20, 1999 DISCLOSURE DEPARTMENT Listings & Disclosure Group Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City Fax No. 635-0800 and 637-8811 Attention: Mr . Reynold P . Ong Vice President, Listings & Disclosure Group SUBJECT : Ratification of Corporate Actions and Date of Annual Stockholders' Meeting Gentlemen : Please be advised that at the Regular Meeting of the Board of Directors of THE PHILODRILL CORPORATION (the "Company") held today, 20 January 1999, commencing at 12:20 p.m., the following resolutions were unanimously passed and approved llcd 1. Assignment of CJH Dev't. Corp . shareholdings " RESOLVED , as it is hereby resolved, to RATIFY and CONFIRM the Company's assignment of its Ten Percent (10%) equity interest in Camp John Hay Development Corporation in favor of Fil-Estate Management, Inc. ("FEMI") for and in consideration of the sum of P195 Million in accordance with the terms and conditions stipulated in the Deed of Assignment dated 29 December 1998 executed by and between the Company and FEMI." 2. Sale of Investment in Pacific Rim Export & Holdings Corp . " RESOLVED , as it is hereby resolved, to RATIFY and CONFIRM the Company's sale of its Investment in Pacific Rim Export & Holdings Corp, consisting of certain shares of stock, outstanding subscriptions and accumulated equity losses, in favor of Alakor Securities Corporation ("ASC"), acting for and in behalf of its client, for a consideration of P100,000.00 in accordance with the terms and conditions stipulated in the Purchase Agreement dated 20 November 1998 executed by and between the Company and ASC, acting for and in behalf of its client." 3. Sale of Investment in Trafalgar Holdings Phils ., Inc . " RESOLVED , as it is hereby resolved, to RATIFY and CONFIRM the Company's sale of its Investment in Trafalgar Holdings Phils., Inc. consisting of certain shares of stock, deposit on subscription and accumulated equity earnings, in favor of Alakor Securities Corporation ("ASC") acting for and in behalf of its client, for a consideration of P250,000.00 in accordance with the Purchase Agreement dated 20 November 1998 executed by and between the Company and ASC, acting for and in behalf of its client." 4. Acquisition of Additional Interest in Service Contract 14 " RESOLVED , as it is hereby resolved, to RATIFY and CONFIRM the Company's acquisition of an additional Seventeen and One-Half Percent (17.5%) undivided participating interest in Block A (Nido), Block B (Matinloc), Block C (West Linapacan/Galoc) and Block D (Retention Area) of Service Contract ("SC") 14, Offshore Northwest Palawan in accordance with the terms and conditions of the Consolidated Deeds of Assignment and Assumption dated 15 January 1999 executed by and among the SC 14 Consortium, as Assignors, and Socdet Production Pty, Ltd. ("SPPL") and the Company, as Assignees." 5. Setting of Annual Stockholders' Meeting RESOLVED , as it is hereby resolved, that in celebration of the Company's 30th Year Anniversary, the Board of Directors hereby sets the holding of the Annual Stockholders' Meeting ("ASM") on the anniversary date of the Company, 26 June 1999, in lieu of the regular setting of the ASM on the last Wednesday of May each year, in accordance with the provisions of the Company's By-Laws." This formal written advise is submitted in compliance with the rules and regulations of the Philippine Stock Exchange. Very truly yours, (SGD.) ADRIAN S. ARIAS Corporate Secretary