Manila Times
Philex Mining Corp. has consolidated its energy assets into its wholly owned subsidiary Philex Petroleum Corp. (PPC). In a disclosure to the Philippine Stock Exchange, Philex said that it transferred its shareholdings in a
number of energy exploration units to PPC.
This includes its 15.75 percent stake in Pitkin Petroleum Corp., a US-based oil and gas exploration and development firm with interests in the Philippines, Vietnam, Peru and the US.
Also folded into PPC is the 51.24 percent ownership in FEC Resources Inc., a Canadian firm with 25.63 percent holdings in Forum Energy Plc, as well as Philex’s 38.82 percent stake in FEC.
Forum Energy is a UK-based firm that has a 70 percent interest in Service Contract (SC) 72, which covers the Sampaguita gas fields in offshore Northwest Palawan Basin.
Aside from the said petroleum asset, Philex received the Department of Energy’s approval for the transfer of its interests in SC 41 in South Sulu Sea (2.264 percent), SC 6 in the Cadlao (1.65 percent), and SC 6A in the Octon (5.6 percent) exploration blocks in offshore Palawan.
Philex likewise turned over to PPC its 100 percent control of Brixton Energy Mining Corp. The latter is a local coal-mining firm, which holds Coal Operating Contract 130 covering areas in Diplahan and Buug in the province of Zamboanga Sibugay.
The above transfers are pursuant to an internal reorganization whereby all of Philex’s energy assets are to be
held through PPC, Jose Ernesto Villaluna, Philex president and chief operating officer, said.
Philex shares closed lower Monday at P14.88 a piece from its previous close of P15.6.
EUAN PAULO C. AÑONUEVO
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