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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Forum Energy | FEP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 15.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 15.00 | 15.00 |
| Top Posts |
|---|
Posted at 11/1/2014 12:46 by jonno1 nothing new but encouraging I guess, been here five years already !By Iris C. Gonzales (The Philippine Star) | Updated January 10, 2014 - 12:00am MANILA, Philippines - Energy Secretary Carlos Jericho Petilla is urging the group led by business titan Manuel V. Pangilinan to enter into commercial arrangements with China's state-owned oil producer to finally pave the way for exploratory works at the disputed Recto Bank in the West Philippine Sea. This, as Petilla said one permanent solution to soaring electricity prices is to drill more oil and gas fields to lessen the country's dependence on the Malampaya gas field in offshore Palawan. Electricity prices soared last year with the record increase in the generation charge of Manila Electric Co. (Meralco), the country's biggest power distributor, of P3.44 per kilowatt-hour. "The permanent solution is to drill again but we can only do that if we have a clear signal from the DND (Department of National Defense)," Petilla said. As such, he said he is urging private investors such as Pangilinan's group to enter into commercial arrangements among themselves. "That is why I am asking the private sector to see if there can be commercial arrangement among themselves while respecting the service contract terms of the Philippines," Petilla said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan led Forum Energy has a 70-percent stake in the Recto Bank, which is covered by Service Contract 72. The area is estimated to contain prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil. Monte Oro Resources and Energy Inc. holds the remaining 30-percent stake in the contract. The Department of Energy has granted Forum Energy an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC 72. Forum sought an extension in the government-mandated work program because of delays in their drilling activities, dragged largely by the geopolitical issues between the Philippines and China Philex Mining owns 64.45 percent of Forum Energy through its interests in FEC Resources, Inc. and Philex Petroleum Corp. Petilla said he is urging not just the group of Pangilinan but other private investors whose contracts may be in affected territories. In October, Pangilinan said Forum Energy is in fresh talks with China's state-owned oil producer China National Offshore Oil Co. Ltd. (CNOOC to hopefully pave the way for exploratory works in the disputed area. "That's what we're aiming for. We hope to do that to reach a commercial basis for further exploratory and drilling work on the concession but further subject to approval of their government and our government," Pangilinan earlier said. |
Posted at 04/9/2013 14:26 by fireplace22 Hasn't our 'poison pill' in the form of strategic investor Wellington now departed the scene (to Atok) so leaving the minority holding prey to a relatively low ball take out? Not visited FEP for a while but I think we'll be taken out before we're valued at anything significant. When we had the last price surge Wellingtion still had their blocking holding. |
Posted at 12/4/2013 17:45 by jonno1 interesting perhaps where that money may go?First Pacific raises $400 M in bond offering By Doris C. Dumlao Philippine Daily Inquirer 1:39 pm | Friday, April 12th, 2013 Manuel V. Pangilinan. INQUIRER FILE PHOTO MANILA, Philippines-A unit of Hong Kong-based First Pacific Co. Ltd. led by Manuel V. Pangilinan has raised $400 million through the group's maiden 10-year international bond offering. The bonds will be issued by First Pacific's subsidiary FPC Treasury Ltd. and unconditionally and irrevocably guaranteed by First Pacific, a Southeast Asian-focused holding firm with principal business interests relating to telecommunications through Philippine Long Distance Co., infrastructure through Metro Pacific Investments Co., consumer food products through IndoFood Sukses Makmur Tbk of Indonesia, and resources through Philex Mining Corp. The offering represents First Pacific's first 10-year unsecured bond and was warmly received by the market. A final orderbook of over $3 billion was achieved from 160 "high- quality" accounts, equivalent to an oversubscription by more than 7.5 times, allowing First Pacific to upsize the bond offering from its initial target of $300 million, HSBC said in a statement. HSBC and Mizuho acted as joint lead managers and joint bookrunners in this transaction. "Despite competing supply and the risk of geopolitical instability arising, the execution of the transaction was done intraday, thereby minimizing First Pacific's exposure to market risk," said Wick Veloso, president and chief executive officer of HSBC Philippines. "On behalf of HSBC, we congratulate First Pacific and its management team led by Manny Pangilinan on this important undertaking." HSBC reported that the transaction had seen strong momentum early on in execution, citing strong indications interest from both onshore and international Asian investors as well as interest from European accounts. The books were covered within an hour of announcement of the initial price guidance "First Pacific was able to aggressively revise its price guidance to eventually price through its curve at 4.5 percent, representing the lowest coupon achieved by First Pacific to date on the back of the strong orderbook momentum," HSBC said. |
Posted at 13/1/2013 22:09 by unionhall President Aquino is open to the idea of a Chinese company joining an oil and gas exploration in Recto Bank in the West Philippine Sea (South China Sea) but says it has to comply with Philippine laws.The prospective partner, China National Offshore Oil Corp. or CNOOC, has to recognize that Recto Bank is part of Philippine territory, the President said. "We're talking about Recto Bank here. We can't split Recto Bank with them. Recto Bank is ours. If they want to join, why not? We're open to investors but they should comply with our laws," Mr. Aquino said in Thursday's dialogue with Radio Mindanao Network reporters. "We believe in our own laws, that there should be dispute resolution. It should be clear that [what] we're getting into is ours and we will respect what is theirs," he added. Ma Keqing, the Chinese ambassador to the Philippines, said both countries should push ahead with a plan to explore oil and gas in Recto Bank, which contained potential reserves of 3.4 trillion cubic feet of gas and 440 million barrels of oil. The first step, she said, was for both countries to clear CNOOC and the Forum Energy-led consortium of businessmen Manuel V. Pangilinan and Enrique Razon to sign an agreement to confirm and maximize the potential minerals in Recto Bank, off the coast of Palawan province. The joint cooperation would be the best way for both countries, she said. |
Posted at 26/10/2012 10:04 by nick2412 Sentiment will come and go on the prospects of a peaceful resolution but China will take note of two recent events.Firstly, the Philippines has officially named what they regard as their territory 'The West Philippine Sea'. Secondly, the U.S. will ensure there is no conflict - not necessarily because of the supposed binding treaty to come to the aid of the Philippines if it is attacked, but because of the importance of the shipping lane. For now, Galoc revenues alone supports the market cap at current levels. Quickest way for FEP investors to get a return is for UK sharheolders to be offered the same deal as the directors and be taken out for 200p a share. Either that or a dual listing on the PSE so UK sharheolders get parity with Philex Petroleum's rating. |
Posted at 15/9/2012 23:40 by earnestwipplethwaiteiii Interesting article. However, the immediate problem remains the Chinese government's current hard-line stance on its claim to sovereignty over large areas of the South China and East China seas and their islands, shoals etc. The CCP shows no sign of wishing to compromise - on the contrary, the current spat with Japan over the Diaoyu (or Senkaku in Japanese) islands seems to be worsening. Under present circumstances, the idea that MVP can do a deal with CNOOC to jointly develop Sampaguita is in my view fantasy, despite the Read Bank being nominally Filipino territory. I fear that FEP investors may be in for an extended wait due to these larger geopolitical issues. |
Posted at 25/6/2012 13:03 by earnestwipplethwaiteiii "First Pacific (the controller of FEP) is a Hong Kong company with loads of Chinese private and institutional investors."Indeed that is so, but Hong Kong is not the mainland, and crucially, are the investors you mention necessarily well connected with the people who matter in Beijing? That is the big question. |
Posted at 25/6/2012 12:58 by marauder7 timberwolf3 25 Jun'12 - 09:57 - 5199> more dripping marauder ; :-) Indeed: "President Aquino supports efforts to include Chinese or other foreign investors in the exploration of the disputed oil- and gas-rich Recto Bank off Palawan coast" There's no need for "efforts to include Chinese investors" with our Forum Energy! The Salims and Ongpins already took care of that, as First Pacific (the controller of FEP) is a Hong Kong company with loads of Chinese private and institutional investors. |
Posted at 04/1/2012 23:00 by nick2412 CFC - Here's the link for the round 4 bidding and you were right about timing : Energy Secretary Jose Rene Almendras said "they expect to award the SCs by early next year." That is early 2012 as the article was written last year. Shell and Forum Energy in the bidding list below.$ 7.5 Billion Dollars for Oil and Gas Exploration in the Philippines - A1- A15 - DoE The government is eyeing up to $7.5 billion in investments from the 15 new oil and gas exploration areas to be offered in the fourth Philippine Energy Contracting Round (PECR 4). During the PECR 4 launch yesterday, Energy Secretary Jose Rene Almendras said they expect an investment of about $500 million for each of the service contracts (SC) to be auctioned off in the contracting round. The PECR 4 comprises of three onshore and 12 offshore blocks with a total area of more than 10 million hectares located in Northwest Palawan, East Palawan, and Sulu Sea basins. This year's contracting round will be the biggest yet offered by the Philippines. Included in the areas offered under the PECR 4 are four cancelled SCs of one oil exploration firm in Sulu Sea. Almendras said they expect to award the SCs by early next year after allowing the prospective investors about five months to conduct their respective due diligence studies. Among those that attended the launching of PECR 4 are: Petro Energy Resources Corp.; PNOC-Exploration Corp.; Pitkin Petroleum; Philodrill Corp.; BGP Inc.; Polyard Petroleum Int'l. Co. Ltd.; Shell Philippines Exploration BV; Star Energy; Supply Oilfield Services Inc.; Tap Oil. Ltd; Venturoil Phil. Inc.; Palawan Sulu Sea Gas Inc.; Galoc Production Inc.; Gibeon Integration Systems Pte Ltd.; Great Treasures Alliances Int'l.; Logistics Marketing Phils. Inc.; Nido Petroleum Ltd.; Norasian Energy Ltd.; Oriental Petroleum & Minerals Corp.; Chevron Malampaya Phils. LLC; China Union Global Holdings Ltd.; Forum Energy PLC; Basic Energy and One Asia Oil & Gas Corp. According to Almendras, the contracting round is expected to attract investments in oil and gas exploration activities which will contribute to the realization of the country's energy self-sufficiency level target of 60 percent by 2011. So far, only 10 percent of the potential oil and gas reserves of the country has been tapped. The PECR 4 is envisioned to address the country's energy supply through the exploration of local indigenous resources. Harnessing local resources will help the country meet its daily demand and reduce the importation of petroleum and petroleum products. Independent and large-scale international exploration companies that have attended previous roadshows in Singapore and Australia have also expressed interest to bid in the various blocks for offer. Energy Undersecretary Jay Layug said the Department of Petroleum and Energy of Papua New Guinea has also expressed support to PECR 4 and will encourage investors to consider the Philippines for exploration. Almendras said they are overwhelmed by the response of potential investors in PECR 4. Earlier, Layug said most of the investors are eyeing areas near Northwest Palawan,specifically Areas 3,4,5 where the presence of oil and gas have already been proven. The $4.5-billion Malampaya deep water gas-to-power project is located in NW Palawan. |
Posted at 29/10/2011 21:40 by nick2412 Gary - that would be nice but I can't really give an exact figure as there are some unknowns. All I can say is that it looks like Philippine investors are valuing 65% of FEP at a high multiple in comparison to how Uk investors value 100% FEP. It doesn't mean they are right but I guess the point is that if they are buying for SC72 as seems probable then they are insane to be paying the multiple on the PSE PXP (Philex Petroleum) price as opposed to buying FEP here in the UK. Of course it could be a too logical assumption and what I regard as the mad difference in pricing might be maintained or even increase in which case the Philippine investors would be right to maintain what looks illogical. Also, no doubt they are prepared to give some premium just for the practical or psychological factor of investing in their own country. The 'buzz' in the Philippines press was about FEP /SC72 so I am as clear as I can be that this is the main attraction to investors in PXP. Everyone must research this for themselves but I come up with these figures based on all the declared assets in PXP:- Brixton Energy are a mining company and coal producer with about £300k revenues in 2010. PXP Stake 100% Valuation in PXP (?) SC 6A Octon PXP stake 5.56% Valuation in PXP (?) SC 6 Cadlao PXP stake 1.65% Valuation in PXP (?) Petroenergy resources PXP stake 10% Valuation in PXP £2.45m* * Based on the listed m/cap on the PSE of 24.5m Pitkin Resources PXP stake 18.45% valuation in PXP £19m* *Based on price of recent share sales as declared in Philex Mining recent results - Pitkin is a privately listed company I believe. Perhaps PXP investors value it more highly than the recent share issue / funding price. What we can say though is that based on the PXP price then we have the following situation: £160m market cap for PXP. Deduct circa 21.45m for Pitkin and Petroresources stake (or adjust to your own researched valuations) So - if you agree with the valuations I have researched for Pitkin and Petro - that gives us a circa £138m market cap for 65% of FEP less whatever Philippine investors are valuing the following stakes within PXP: Brixton Energy & Mining Corp 100% SC 6A Octon 5.56% SC 6 Cadlao 1.65% I don't think UK investors will lead a re-rating for FEP without seismic or farm-in news. What could happen though is that Philippine investors could wake up to the fact that if they are buying PXP for SC72 (as seems quite likely) then they are paying a substantial multiple compared to FEP and buying FEP (or FECOF) would be the significantly cheaper route. |
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