Philex Petroleum gets nod to hike capital

By Zinnia B. Dela Peña
(The Philippine Star)

MANILA, Philippines - Philex Petroleum Corp., a wholly-owned subsidiary of copper-gold producer Philex Mining Corp., has secured the Securities and Exchange Commission’s approval to increase its authorized capital stock from P2 billion to P6.8 billion.

Documents filed with the SEC show that out of the P4.8 billion increase in capitalization, P1.2 billion has been paid for by parent firm Philex.

The infusion of new capital will allow Philex Petroleum to beef up its oil and petroleum assets.

Philex Petroleum has a 33 percent interest in Forum Energy Plc (FEP), a UK-based company listed at the Alternative Investment Market of the London Stock Exchange.

FEP, through its 70 percent-owned subsidiary, Forum (GSEC 101) Ltd., holds Geophysical Survey and Exploration Contract (GSEC) No. 101 over the Sampaguita natural gas discovery in the northwest coast of Palawan, Philippines.

FEP has a pending application for the conversion of this GSEC into a service contract, after which further exploration of the Sampaguita property can be commenced.

Philex Petroleum also owns 6.4 percent of Pitkin Petroleum Ltd (Pitkin), a Texas-based junior exploration company in the United States currently producing on a small scale basis in Louisiana but with properties in offshore Vietnam and Peru. Read more...