PSE Circular for Brokers No. 1670-99

July 8, 1999 PSE CIRCULAR FOR BROKERS NO. 1670-99 July 7, 1999 Philippine Stock Exchange, Inc. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace De Guia Listings & Disclosure Department Gentlemen : Anent our letter of 01 June 1999 regarding Seafront Resources Corporation's Deed of Re-Assignment and Re-Assumption with Quitclaim ("DRR") dated May 28, 1999, we respectfully inform your office that said DRR has been approved by the Department of Energy. Attached is a copy of DOE's letter of approval for your reference. prcd Thank you. Very truly yours, (SGD.) MILAGROS V. REYES President Seafront Resources Corporation Unit D, 7th Floor, JMT Building ADB Avenue, Ortigas Centre Pasig City Attention: Ms. Milagros V . Reyes President Alcorn (Philippines), Inc . 2nd Floor, First Life Building 174 Salcedo Street Legaspi Village, Makati City Attention: Mr. Eduardo F. Hernandez EVP & General Manager Re: Notice of Transfer of SC 14-C Interest between Co-Contractors Gentlemen : We refer to your joint letter of May 28, 1999, requesting approval of the Deed of Re-Assignment and Re-Assumption with Quitclaim entered into by and between Seafront Resources Corporation (Seafront) and Alcorn (Philippines), Inc. (API) in Service Contract (SC) 14-C dated May 28, 1999. As represented in the Deed of Re-Assignment and Re-Assumption with Quitclaim, Seafront shall re-assign to API an undivided two point six percent (2.6%) participating interest in SC 14-C, including all the rights and obligations attributable to the said interest. Considering that the assignment has been found to be in order, the subject Deed of Re-Assignment and Re-Assumption with Quitclaim dated May 28, 1999 is hereby APPROVED. Very truly yours, (SGD.) GRISELDA J. G. BAUSA Director Energy Resource Development Bureau