Philex Petroleum incurs P225-M loss

Philex Petroleum Corporation incurred a net loss of P225.2 million for the first half of 2013, compared to a net loss P80.5 million for the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said the increase in net loss was mainly due to foreign currency conversion losses on its dollar denominated advances from parent company Philex Mining Corporation.

Last July 16, subsidiary Pitkin Petroleum Plc. completed the sale of all its interests in Vietnam American Exploration Company LLC, a Delaware company, for a total cash consideration of approximately P2.1 billion.

As a result of this transaction, Philex Petroleum said it will record a gain on sale of approximately P200 million in the second half of 2013.

On July 10 2013, Pitkin signed the Service Contract for Area 5 in the Northwest Palawan basin. The Service Contract for Area 5 is still subject to the signature of the Department of Energy.

The Environmental Impact Study to drill up to 10 exploration and 10 appraisal wells in Peru Block Z-38, in which Pitkin holds a 25 percdnt interest, was approved on June 19, 2013. Start of drilling of at least two wells is currently expected to commence late in the first of half of 2014.

Philex Petroleum had increased its shareholding in Pitkin from 18.46 percent to 50.28 percent last April. The additional interest was acquired by the purchase of both new and existing shares at a price of US$0.75 per share for a total consideration of US$34.80 million (P1.43 billion).

In February 2013, the Department of Energy announced that the bid group of Philex Petroleum (Operator), PNOC Exploration Corporation, and PetroEnergy had won the bidding for the Area 4 Northwest Palawan block offered in the 4th Philippine Energy Contracting Round. The Service Contract for Area 4 is still subject to signature.

In January 2013, the Department of Energy granted a two year extension to August 2015 to complete the exploration work program for the Second Exploration Sub-Phase of Service Contract 72 Recto Bank ("SC 72"). Forum Energy Plc has a 70 percent interest in SC 72. (James A. Loyola)

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • MVP on endorsement: Thanks, I’m no politician
    MVP on endorsement: Thanks, I’m no politician

    Businessman Manuel V. Pangilinan is grateful for Sen. Miriam Defensor-Santiago’s praise and presidential endorsement, but says he is not a politician. In an interview on the sidelines of the launch of the search for The Outstanding Young Men (TOYM) of the Philippines 2015 Wednesday night, Pangilinan dismissed the idea of running for president in the 2016 elections. “I’m not a politician, I’m just an ordinary business person,” he added. Santiago endorsed Pangilinan as a presidential candidate …

  • No Lenten break in operations vs lawless groups – AFP
    No Lenten break in operations vs lawless groups – AFP

    The Armed Forces of the Philippines (AFP) is not suspending its offensive against the Abu Sayyaf, New People’s Army (NPA) and other lawless groups during the Holy Week, an official said yesterday. Lt. Col. Harold Cabunoc, AFP public affairs office chief, said the AFP leadership is leaving it up to area and division commanders whether to raise the alert status in preparation for the Holy Week. Those deployed in areas where there are ongoing law enforcement operations against terrorist groups …

  • Probe harassment vs human rights lawyer, CA orders AFP
    Probe harassment vs human rights lawyer, CA orders AFP

    The Court of Appeals (CA) has ordered the Armed Forces of the Philippines (AFP) to investigate a human rights lawyer’s claim of harassment, including surveillance, by several military officers. In a 22-page decision, the former Special Sixth Division of the appellate court granted the petition for writ of amparo and habeas data of Maria Catherine Dannug-Salucon. The CA ordered the AFP to identify the officers behind the surveillance and file charges against them. The CA ruling said …

  • Envoy to expats: Retire, invest in Phl
    Envoy to expats: Retire, invest in Phl

    Retire and invest in real estate in the Philippines, especially now that the country has made it to the top 10 retirement destinations in the world. This is the message being spread by the Philippine embassy in Washington, with Ambassador Jose Cuisia Jr. leading the refrain in meetings with various Filipino-American communities in the US. Cuisia recently met with Filipino communities in San Diego, California and El Paso, Texas. In his talks, Cuisia said that an affordable cost of living as …

  • PNPA spotlight falls on Ampatuan grandson
    PNPA spotlight falls on Ampatuan grandson

    The stigma of being a namesake of the principal suspect in the 2009 Maguindanao massacre did not prevent Cadet First Class Andal Ampatuan III from entering and graduating from the Philippine National Police Academy (PNPA). Ampatuan III, now with a rank of police inspector, is a grandson of former Maguindanao governor Andal Ampatuan Sr. The younger Ampatuan was among the 246 graduates of the PNPA “Lakandula” Class of 2015. Ampatuan III’s mother is Bai Rebecca Ampatuan, a daughter of the …

  • Philippines says China rushing construction in disputed sea
    Philippines says China rushing construction in disputed sea

    MANILA, Philippines (AP) — The Philippines' top diplomat said Thursday that China has been rushing construction projects, including massive land reclamation, in the disputed South China Sea in hopes of forestalling any legal moves against its vast territorial claims. …

  • Aquino takes responsibility for bungled mission in Philippines, but no apology
    Aquino takes responsibility for bungled mission in Philippines, but no apology

    Philippine President Benigno Aquino on Thursday took responsibility for a bungled security operation in January that left 44 police commandos dead, but offered no public apology for the clash that has become his biggest political crisis in years. Since the secret mission, Aquino's approval and trust ratings have plunged to their lowest level in five years, and a peace process with the country's largest Muslim rebel group has stalled. "To every Filipino who has felt failure or has been hurt …

  • Marshall rolls out new headphone, speaker lines in PHL

    Established music brand Marshall is rolling out new headphone and speaker lines in the Philippine market. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options