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MANILA, Philippines – Manuel V. Panglinan-led Philex Petroleum Corp. now owns half of British upstream oil and gas company, Pitkin Petroleum Plc.
In a disclosure to the Philippine Stock Exchange on Monday, April 8, the company announced that it hiked its stake in Pitkin to 50.28% from 18.46% by acquiring 46.4 million shares in the company for $0.75 each or a total of $34.8 million.
The shares are broken down as follows:
- 10-M new common shares
- 36.4-M existing shares from stockholders
Philex Petroleum is 64.7% owned by Philex Mining Corp. Both companies are part of the Hong Kong-based First Pacific Co. Ltd. Pangilinan heads the group’s interests in the Philippines.
Pitkin Petroleum has operations in Vietnam, Peru, US and the Philippines. Its interests include a 25% stake in Vietnam Block 07/03, a 25% stake in Peru Block Z-38 and a 29.4% stake in SC 14C2 in offshore northwest Palawan.
The drilling of two exploration and appraisal wells in the Vietnam project is expected to start July 2013. The Peru project’s drilling program covering up to 3 exploration wells is expected to commence in the 4th quarter, or the 1st quarter of 2014. For the Palawan project, the evaluation of the West Linapacan oil field is currently underway.
Aside from Pitkin, Philex Petroleum owns part of Forum Energy Plc, another British firm which holds 70% of Service Contract 72 covering the Recto Bank in the West Philippine Sea. It also owns Brixton Energy & Mining Corp., which is engaged in coal operation in Diplahan, Zamboanga Sibugay.
Last February, Philex Petroleum announced a net loss of P1.086 billion for 2012 due to investment write-offs. – with a report from Christian Bautista/Rappler.com
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