Item 9. Directors and Executive Officers of the Registrant

management of their financial liquidity.

The Group considers the above factors and pays special attention to its cash flow management. The Company identifies all its cash requirements for a certain period and invests unrestricted funds to money market placements to maximize interest earnings.

The Group does not anticipate any cash flow or liquidity problems within the next twelve (12) months. The Group is not in default of any, note, loan, lease, or other indebtedness or financing arrangement requiring it to make payments.

Inventory Management

The only inventory is the crude oil produced in Gabon. The buyer lifts certain volume and pays the same in 30 days. The operator sees to it that crude oil inventory does not reach 800,000 barrels at any one time to avoid overflow and to generate revenues to cover production costs.

Cost Reduction Efforts

In order to reduce costs, the Group employs a total of one hundred thirty six (136) employees with multi-task assignments. The group also implements request for quotations to compare prices, quality of the products and services and negotiate the payment terms.

The Company’s general and administrative expense is equivalent to 9.06% of the total revenue.

Rate of Return of Each Stockholder

The Company has no existing dividend policy. However, the Company intends to declare dividends in the future in accordance with the Corporation Code of the Philippines. Please see Part II, Item 5, 3. Dividends for the Dividend declared for two (2) most recent years.

Item 7 - Financial Statements

The 2020 Consolidated AFS of the Company are incorporated herein by reference. The schedules listed in the accompanying index to Supplementary Schedules are filed as part of this Form 17-A.

Item 8 – Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Information on Independent Auditor The external auditor of the Corporation is the auditing firm SyCip Gorres Velayo & Co. (SGV). The same accounting firm has been endorsed by the Audit Committee to the Board. The Board, in turn, approved the endorsement and will nominate the reappointment of the said auditing firm for the stockholders’ approval at the scheduled annual stockholders’ meeting. The said auditing firm has accepted the Company’s invitation to stand for re-election this year.

Audit services of SGV for the calendar year ended December 31, 2020 are the examination of the financial statements of the Company, review of income tax returns and other services related to filing of reports made with the Securities and Exchange Commission and Bureau of Internal Revenue.

Pursuant to SRC Rule 68 Paragraph 3 (b) (1V) (Re: Rotation of External Auditors), the Company has not engaged Ms. Ana Lea C. Bergado, partner of SGV & Co., for more than five (5) years. She was engaged by the Company for examination of the Company’s 2021 financial statements.

The company is compliant with the Rotation requirement of its external auditor’s certifying partner as required under SRC Rule 68 (3)(b) (1V). A two year cooling off period shall be observed in the re-engagement of same signing partner or individual auditor.

Disagreements with Accountants on Accounting and Financial Disclosures As of December 31, 2020, there are no disagreements with the auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

Audit and Other Related Fees External audit fees (inclusive of VAT) of the Parent Company amounted to:

Part ic ulars 202 1 2020

S GV - Aud i t a nd r e vi e w of the r e gi s tr a nt’ s a nnua l fi na nc i a l s ta te me nts a nd othe r s e r vi c e s r e nde r e d i n c onne c ti on w i th fi l i ng o f s a i d fi na nc i a l s ta te me nts w i th SEC a nd BIR. ₱1 ,293 ,600 ₱1,165,472 S GV - Re vi e w o f qua r te r l y a nd a nnua l s umma r y of a ppl i c a ti on o f pr oc e e ds i n s to c k r i ghts offe r i ng 12 3,200 123,200 Er nts & Young - Fi l i ng of ta x r e tur n to the Ga bone s e Gove r nme nt a nd othe r s e r vi c e s 1,01 5,48 0 1,016,487 Tota l ₱ 2,4 32,2 80 ₱ 2,30 5,15 9

PART III - CONTROL AND COMPENSATION INFORMATION

Item 9 - Directors and Executive Officers of the Registrant

DIRECTORS AND EXECUTIVE OFFFICERS:

Following are the names, ages, positions and period of services of all directors and executive officers and all persons nominated or chosen to become such:

Name Age Position Citizenship

Period during which individual has served as such

Helen Y. Dee 77 Chairman Filipino 2001 to present Milagros V. Reyes 80 Director/President Filipino 1998 to present Yvonne S. Yuchengco 68 Director/Treasurer Filipino 2004 to present Cesar A. Buenaventura 92 Director/Independent Filipino 1998 to present Maria Mercedes M. Corrales 72 Director/Independent Filipino 2021 to present Eliseo B. Santiago 71 Director/Independent Filipino 2013 to present Lorenzo V. Tan 60 Director Filipino 2019 to present Francisco G. Delfin Jr. 60 Vice President Filipino 2008 to present Samuel V. Torres 57 Corporate Secretary Filipino 2006 to present Louie Mark R. Limcolioc 34 Asst. Corp. Secretary/ Compliance Officer Filipino 2021 to present

Carlota R. Viray

64 AVP for Finance Filipino 2014 to present Maria Victoria M. Olivar 50 AVP for Technical Affairs Filipino 2015 to present Vanessa G. Peralta 36 AVP for Corp Communication and Chief Information Officer (CIO) Filipino 2021 to present

The member of the Board of Directors are elected at the general meeting of stockholders, who shall hold office for the term of one (1) year or until their successors shall have been elected and qualified.

The Management Committee members and other Officers of the Company, unless removed by the Board of Directors, shall serve as such until their successors are elected or appointed.

Members of the Board of Directors

Helen Y. Dee - Chairman of the Board Milagros V. Reyes - Director and President Yvonne S. Yuchengco - Director and Treasurer Cesar A. Buenaventura - Independent Director Maria Mercedes M. Corrales - Independent Director Eliseo B. Santiago - Independent Director Lorenzo V. Tan - Director

Officers:

Milagros V. Reyes - President Francisco G. Delfin Jr. - Vice President Yvonne S. Yuchengco - Treasurer Samuel V. Torres - Corporate Secretary Louie Mark R. Limcolioc - Asst. Corporate Secretary/Compliance Officer Carlota R. Viray - AVP for Finance Maria Victoria M. Olivar - AVP for Technical Affairs Vanessa G. Peralta - AVP for Corp Communication and CIO

a) Board of Directors

The Company’s Board of Directors is composed of seven (7) members elected by and from among the Company’s stockholders. The Board is responsible for providing overall management and direction of the Company. Board meetings are held on a quarterly basis or as often as required to discuss the Company’s operations, business strategy, policies and other corporate matters. A brief background of each member of the Company’s Board of Directors are provided below:

Helen Y. Dee, 77 Director since 2001 and 2011 as Chairman of the Board to to present

Other Business Experience: Chairperson

Chairman/President

Chairman and CEO President

Vice Chairman

Vice President Member, Board of Trustees

Member, Board of Directors of House of Investments, Inc., Rizal Commercial Banking Corporation and EEI Corporation RCBC Excom Forex Brokers Corporation, Landev Corporation, Mapua Information Technology, Inc., Hi-Eisai Pharmaceuticals, Inc., Pan Malayan Realty Corp., RCBC Saving Bank, Merchant Bank, La FunerariaPaz-Sucat, Inc. Malayan Insurance Company, Xamdu Motors, Inc. Xamdu Motors, Inc. Manila Memorial Park Cemetery, Inc., Petrowing Energy, Inc. and Malayan High School of Science, Inc. Hydee Management & Resources, Inc., Financial Brokers Insurance Agency, Inc., RCBC Leasing and Finance Corporation Mijo Holdings, Inc. Tameena Resources, Inc. Moira management, Inc. YGC Corporate Services, Inc., GPL Holdings, Inc. Pan Malayan Management and Investment Corp., West Spring Development Corporation A.T. Yuchengco, Inc. Mapua Institute of Technology, Inc. Malayan Colleges Laguna, Inc and Philippine Business for Education, Inc. Phil. Long Distance Telephone Company South Western Cement Corporation, Great Life Financial Assurance Corp., MICO Equities, Inc., Honda Cars Phils., Inc., Isuzu Philippines, Inc., AY Holdings, Inc., Pan Malayan Express, Honda Cars Kalookan, Inc. Isuzu Philippines, Inc., EEI Corporation, A.Y. Holdings, Inc., Pan Malayan Express, Inc., Honda Cars Kalookan, Inc. Sun Life Grepa Financial, Inc., Phil. Integrated Advertising Agency, Inc., Y Realty, Inc. and Luis Miguel Foods

Educational Background and Other Information Bachelor of Science in Commerce Major in Administration from the Assumption College; Master in Business Administration Degree from the De La Salle University.

Cesar A. Buenaventura, 92 Independent Director 1998 to Present

Other Business Experience: Chairman Founding Chairman Vice Chairman Director Independent Director Former Chief Executive Officer Former Member, Monetary Board Educational Background and Other Information Buenaventura, Echauz & Partners, Inc., Mitsubishi Hitachi Power System (Phils.), Inc. Pilipinas Shell Foundation, Inc. DMCI Holdings, Inc., DM Consunji, Inc., Semirara Mining Company Pilipinas Shell Petroleum Corporations iPeople, Inc., Concepcion Industrial Corp. The Country Club, International Container Terminal Services, Inc. Shell Group of Companies Central Bank of the Philippines Bachelor of Science in Civil Engineering from the University of the Philippines; Master’s Degree in Civil Engineering majoring in Structures from Lehigh University, Bethlehem, Pennsylvania as a Fullbright Scholar. In 1991, Mr. Buenaventura was made Honorary Officer of the Order of the British Empire(OBE) by Her Majesty Queen Elizabeth 11.

Maria Mercedes M. Corrales, 72 Independent Director 2021 to Present

Other Business Experience:

Member, Board of Trustees Former, Independent, Non-Executive Director

Former, Member Executive Committee Former, Corporate Senior Vice President (Seattle) President, Asia Pacific Division (Japan, South Korea, SEA, ANZ) Director of Licensed and JV Markets in the Region Former, Representative Director/CEO/COO Former, Representative Director/President Former, Member Board of Trustees

Educational Background and Other Information Mapua Institute of Technology, Inc. RCBC Savings Bank, Huhtamaki Oyl, Finland, Sara Lee/D.E. Master Blenders, USA/Netherlands, Fraser and Neave Limited, Singapore (“Fraser”) Time Publishing (a subsidiary company of Fraser) Starbucks Corporation

Starbucks Coffee Japan KK Levi Strauss Japan KK Levi Strauss Foundation (SFO, USA)

Ms. Corrales is a product of Mapua Institue of Technology with a degree in BSBA Management in 1972. She also pursued studies abroad and finished Masters in Business Administration postgraduate diploma at Fuqua School of Business Duke University, North Carolina USA in 2000.

Milagros V. Reyes, 80 Director and President 1998 to Present

Other Business Experience: Chairman Director and President Director/Treasurer Former Director/Consultant Former President Former Senior Vice President Educational Background and Other Information Maibarara Geothermal, Inc. Seafront Resources Corporation PetroGreen Energy Corporation PetroWind Energy Inc. PetroSolar Corporation Hermosa Ecozone Development Corpor PNOC-EC iPeople, Inc. Basic Petroleum and Minerals, Inc. Bachelor of Science in Geology and Physical Science (Double Degree) from the University of the Philippine. She pursued various technical trainings from the National Iranian Oil Co., University of Illinois and Ajman Fields in U.A.E.

Eliseo B. Santiago, 71 Independent Director 2013 to Present

Other Business Experience: Member, Executive Committee Independent Director

Educational Background and Other Information Isla Petroleum and Gas Corporation Citadel Pacific Limited

Bachelor of Science degree in Mechanical Engineering from the Mapua Institute of Technology in 1971 and received his professional license as a Mechanical Engineer in the same year.

Yvonne S. Yuchengco, 68

Other Business Experience: Chairperson/President

President/Director Chairperson

Director/Treasurer

Director/Vice Chairperson Director/Vice President Director/Treasurer/CFO

Director/Vice President Director/Vice President/Treasurer Director/Corporate Secretary Trustee/Chairperson Trustee

Member, Advisory Committee Member, Board of Directors of Y Tower II Office Condominium Corporation, Yuchengco Tower Office Cond. Corporation, Royal Commons, Inc. Philippine Integrated Advertising Agency, Inc. Alto Pacific Corporation, Mico Equities, Inc. XYZ Assets Corporation RCBC Capital Corporation Yuchengco Museum, Inc. Y Realty Corporation Honda Cars Kaloocan, Inc. Malayan High School of Science, Inc. Mona Lisa Development Corporation Water Dragon, Inc. Malayan Insurance Co., Inc. AY Holdings, Inc. Pan Malayan Management Manangement and Investment Corporation AY Holdings, Inc. Pan Managers, Inc. MPC Investment Corporation The Malayan Plaza Condominium Owners Ass’n. Inc. AY Foundation, Inc.; Mapua Institute of Technology, Inc. Phil. Asia Assistance Foundation, Inc. Rizal Commercial Banking Corporation Annabelle Y. Holdings & Management Corporation Asia-Pac Reinsurance Co., Ltd.

Director- July 2004 to Present Treasurer – 2008 to Present

Educational Background and Other Information A.T. Yuchengco, Inc., DS Realty, Inc. Enrique T. Yuchengco, Inc., GPL Holdings, Inc. House of Investments, Inc., HYDee Management & Resource Corp., iPeople, Inc., La Funeraria Paz-Sucat, Inc., Luisita Industrial Park Corp., Malayan Colleges, Inc. Malayan International Insurance Corporation, Manila Memorial Park Cemetery, Inc. National Reinsurance Corporation of the Philippines Pan Malayan Realty Corporation, Pan Malayan Express, Inc., Pan Malayan Realty Corporation Seafront Resources Corporation, Shayamala Corp., YGC Corporate Services, Inc. and Yuchengco Center, Inc. Bachelor of Arts in Interdisciplinary Studies from the Ateneo de Manila University.

Lorenzo V. Tan, 60 Director - 2019 to Present

Other Business Experience: President and CEO Former President and CEO Former Chairman Former President Director Educational Background and Other Information House of Investments, Inc. Rizal Commercial Banking Corporation Sunlife of Canada (Phils.), the Philippine National Bank, United Coconut Planters Bank. Asian Bankers Association Bankers Association of the Philippines Smart Communications, Inc., Digital Telecommunications (DIGITEL) and Voyager Innovation, Inc. and Citibank NA and Singapore. Bachelor of Science Degree in Commerce at the De La Salle University. A Certified Public Accountant in Pennsylvania USA and in the Philippines. He took his Master in Management Degree from J.L. Kellogg Graduate School of Management, Northwestern University Evanston, Illinois, USA. He was also an awardee of the 1999 The Outstanding Young Men (TOYM) in the field of Banking.

Executive Officers Milagros V. Reyes, 80

Other Business Experience: Director and President

Chairman Former President Former Director and Consultant Former Senior Vice President

Treasurer

President and CEO (1998 to Present)

Seafront Resources Corporation PetroGreen Energy Corporation PetroWind Energy Inc. PetroSolar Corporation Maibarara Geothermal, Inc. iPeople Inc. PNOC-EC Basic Petroleum and Minerals, Inc.

Hermosa Ecozone Development Corporation