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Vitol JV update: re-commencement of production at Galoc field

GPC is pleased to confirm that production from the Galoc Field was resumed at approximately 21:30 hours Manila time this evening 25th February 2009.

During the shutdown extensive work was undertaken on both re-instating the FPSO Contractor’s Mooring and Riser System (M&RS) and implementation of enhancements to ensure improved future performance and station-keeping. These enhancements include installation of a secondary mooring arrangement connected to the FPSO stern, referred to as the Hold Back Mooring System (HBMS), and substantial modifications to the primary M&RS which included the redesign of critical attachments, installation of additional buoyancy to facilitate lay-down following disconnection and revision of the associated procedures. These enhancements are the product of considerable collaborative design effort between the field Operator (GPC) and the FPSO Contractor (Rubicon Offshore International), who is responsible for the provision and operation of the FPSO and associated M&RS. This collaborative effort is ongoing with evaluation of other potential enhancements to the system.

GPC is confident that the re-instatement and enhancements implemented to date will increase the station-keeping capability of the FPSO and enable safe and reliable disconnection in the event of adverse weather.

Additional Notes: General Information

The Galoc field is located in Service Contract SC14-C (Galoc Sub Block) in 290m of water approximately 65km north west of Palawan in the Republic of the Philippines. The development involved the construction of two subsea completed horizontal production wells, with extended reservoir contacts, tied back to a Floating Production Storage and Offloading (“FPSO”) facility via a short seabed pipeline and mid water riser system. Most likely oil reserves as estimated at time of commitment to the development in 2006, is approximately 10 million barrels. The reserves estimate and requirement for additional wells and facility capacity will be reassessed following an analysis of results from initial field production performance.

Further information on GPC and the Galoc Field can be obtained from:

* GPC’s website: www.galoc.com
* via email: enquiry@galoc.com
* Or by contacting: Jax Mariano on +63 918 9109581

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