South China Resources, Inc. (SOC) was incorporated on September 25, 1992 primarily to undertake oil and gas exploration, development and production. Starting in 1995, SOC opted to strengthen its core business by diversifying into investments in banking and telecommunications. On October 30, 2003, the Securities and Exchange Commission approved the change in SOC's primary purpose to that of a holding company. SOC still maintained oil exploration among its secondary purposes until it would be able to spin off its oil exploration assets and activities to a wholly-owned subsidiary to be established by SOC. Since its incorporation, SOC has been actively involved in the review and exploration of the different sedimentary basins in the Philippines. SOC's participating interests are in the exploration areas located in Sulu Sea and Palawan. The company is also pursuing interests in other areas such as the Offshore Cuyo Platform, East Palawan and NW Palawan block. At present, SOC continues to engage in oil exploration and has not yet realized any production or sale of any crude oil or gas. Source: SEC Form 17-A (2008)