A lot of things happened in 2017 that made our Company even stronger. We now have a new set of Board of Directors chaired by no less than the Secretary of Energy as Ex-Officio Chairman. While we lost the international oil and coal trading to PNOC at the beginning of the year, we were able to get it back towards the end of the year.
We are continuously trying to make the best out of our gas discovery in Isabela. We have signed a Memorandum of Agreement with the Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) for the conduct of passive seismic tomography to confirm our findings and refine the mapping structure of Mangosteen and Mabolo. Also, we have received various proposals on the development of our Coal Operating Contract 122 (COC 122) in Isabela with the construction of a mine-mouth coal fired power plant.
Our plan to look for overseas opportunities is slowly beginning to bear fruit. The Cooperation Agreement we signed with Rosneft of Russia will start to get going beginning January 2018. We are currently in talks with ONGC Videsh Limited of India to be our consortium partner in various projects in Iran. I am optimistic that 2018 will be a very good year for our Company
While 2017 was quite a tough year, I am proud of what we have accomplished together. Thank you so much for all your efforts this year.
My family and I wish you a Merry Christmas and a Happy New Year.