Philex sells PetroEnergy shares at discount

MANILA, Philippines – The Philex group sold its stakes in a sister firm at a “slight discount” to prevailing market price.

In a disclosure on Friday, February 22, Philex Petroleum Corp. said it sold 28,226,551 shares, representing its entire stake, in PetroEnergy Resources Corp. (PERC) to Yuchengco-led RCBC Securities Inc.

The listed oil and gas unit of Philex Mining Corp, the country’s biggest mining group, did not disclose the deal price. PERC’s shares were last traded at P6.90 on February 21.

Philex Petroleum and PetroEnergy are both part of Manuel Pangilinan-led business group. Both are part of a 3-party consortium including PNOC Exploration Corp. (PNOC-EC) granted the rights to explore oil and gas in Area 4 northwest of Palawan.

Philex Petroleum is part of a consortium that was granted Service Contract 72 (SC-72), which gives the group the right to explore Reed Bank (or Recto Bank).

Reed Bank lies near, and may have bigger gas deposits than, Malampaya off Palawan.

PERC provides specialized technical services to companies exploring for oil in the Philippines, and has a production sharing contract in Gabon, Africa. It is also involved in renewable energy projects via subsidiary PetroGreen Energy Corp.

Members of the Yuchengco family, including Helen Dee and Yvonne Yuchengco are already part of the PERC’s board. – Rappler.com