COC-140 was awarded to PNOC EC by the DOE on July 5, 2005. The contract area measures 3,000 hectares and is located in the Municipality of Tago, Surigao del Sur. The COC will allow PNOC EC to conduct exploration activities within the area, which has an estimated 2.8 million tons of in-situ proven reserves (BED 1984).

For 2007, PNOC EC submitted to the DOE its plans and programs for the implementation of information, education and communication campaigns. The two-year work program for COC 140 was revised and approved by the DOE, effectively extending the term of the exploration COC until July 4, 2009.