Forum Energy Share Discussion Threads

[earnestwipplethwaiteiii] 23/11/2012 12:15

And for a little light relief:

[earnestwipplethwaiteiii] 23/11/2012 12:14

No sign of a softening in the Chinese position on the SCS:

[34simon] 19/11/2012 10:24

Going back to pre spike levels, had a quote to sell at 112.5p, pressed accept
and then it was refused, love these mm's at times.

[unionhall] 18/11/2012 21:19

MANILA, Philippines - Philex Petroleum Corp. is looking to start a fresh round of talks with China National Offshore Oil Corp. (CNOOC) for the development of the potentially resource-rich Recto Bank in Northwest Palawan.

The listed upstream oil firm will wait for the response of its Chinese counterpart considering the recent leadership shakeup in the world's second largest economy.

"Hopefully we can get some response from them with the change of leadership," Philex Petroleum chairman Manuel V. Pangilinan said.

In April, officials of Philex Petroleum conducted a meeting with government-owned CNOOC in Beijing.

Philex Petroleum earlier announced it is open to partnering with anyone that can help exploit the potential resources of the Recto Bank, which lies near the disputed Spratly Islands.

Its subsidiary, London-based Forum Energy Plc, through its 100-percent interest in Forum Philippine Holdings Ltd. and Forum Ltd., holds a 70-percent equity in the service contract 72 licence that covers an area of 8,800 square kilometers.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1



Pangilinan said there is no timeframe yet on the new round of talks considering the political transition in China.

"I think you have to allow a bit of time because these are new leaders of China so it may take a bit of time to put their feet under the table so to speak," Pangilinan said.

Last week, Xi Jinping and Li Keqiang were appointed as the president and premier of the Communist Party, respectively, in a once-in-a-decade leadership change.

Philex Petroleum, the oil exploration unit of the country's top gold producer Philex Mining Corp., earlier said CNOOC is financially and technically viable to be a partner.

In April, Forum Energy revealed that the latest seismic survey on its offshore prospects in the Recto Bank showed the prospective resources could reach as high as 16.612-trillion cubic feet for natural gas and 416 million barrels for oil.

The area is now believed to have 3.4 trillion cubic feet of gas and potentially 440 million barrels of oil – said to be bigger than the existing Malampaya gas field off Palawan.

Philex Petroleum plans to drill two appraisal wells in the Sampaguita gas field until August 2013 that needs an investment of $75 million.

China maintains that the waters around the island have been a traditional Chinese fishery.

The Philippines, on the other hand, insists that the Scarborough Shoal is within its 200-nautical mile exclusive economic zone based on the United Nations Convention on the Laws of the Sea.

[unionhall] 18/11/2012 21:18

Businessman Manuel V. Pangilinan is hoping to resume by early next year talks with state-owned China National Offshore Oil Co. (CNOOC) on its possible acquisition of a stake in the Recto Bank exploration project off the West Philippine Sea.
Pangilinan, who sits as chairman of Philex Petroleum Corp., a major shareholder in Forum Energy Plc, noted that it would be up to CNOOC if it would still initiate new discussions following the preliminary talks held in Beijing earlier this year.
"Hopefully, we can get some response from them with the change in leadership," Pangilinan said, referring to the unveiling of China's new government leaders last week. "You have to allow them to have a bit of time because these are new leaders of China. We have to be patient."
He even added that they were not setting a timetable for potential future discussions even as the implementation of the planned $75-million drilling program draws near. The initial target is to start drilling the first of the two appraisal wells within the highly prospective Sampaguita prospect by March of next year.
Pangilinan earlier admitted that they might be delayed in carrying out their exploration and development commitments to the Philippine government due to delays in securing permits to conduct a geotechnical survey over the area prior to drilling a well.
For instance, Forum Energy was supposed to have a geotechnical drilling vessel last October to do some seven to 10 days' worth of survey work. But the Department of Energy still has yet to issue the approval to proceed with the survey.
Pangilinan said he believed that CNOOC remained a competent partner in the planned exploration and development of a portion of the Recto Bank covered by Service Contract 72. He earlier explained that the partnership with CNOOC would not only boost financial and technological support for the project but also serve to "depoliticize" the concession area.
Touted as the next Malampaya, Recto Bank is located within the West Philippine Sea where both the Philippines and China are claiming sovereignty.

[spaceparallax] 15/11/2012 14:35

sp looking very solid, forming a platform from which to spring

[marauder7] 13/11/2012 10:34

Germ? A$$hole, more aptly.

He won't feel so smart when justice catches up with him.

[ihavenoclue] 13/11/2012 08:48

I have him filtered ... he is the biggest germ on ADVFN IMHO

[34simon] 13/11/2012 08:34

Did you see Topinfo's posts, "this is going to 50p", then 8.02am "sold at 32p"

[ihavenoclue] 13/11/2012 08:32

Yup ... and thanks for noticing ;)

[34simon] 12/11/2012 21:40

Slightly, think it almost doubled again from when you said :-))

[ihavenoclue] 12/11/2012 21:20

Slightly out with the PET prediction ... crazy price considering a huge dilution is going to be voted on at 5p a share

[sideshowbull] 12/11/2012 18:29

BINGO!
Chart for those who believe in voodoo:
Resistance smashed - now back above long term support as it was. Does she have the legs?.

BWTFDIK

[34simon] 12/11/2012 12:12

Brave thing to predict, just looks like another wave for the shake, when it turns
up again watch them chase, punters only want to buy when they are rising.

[ihavenoclue] 12/11/2012 12:11

I think PET "might" be over for the day .... have to see

[bongo bwana] 12/11/2012 11:58

PET is rebounding like a ballistic missile

[34simon] 12/11/2012 11:55

I was really happy with the rise here then I saw PET, now I want 150p+ today :-))

[34simon] 12/11/2012 11:51

Can buy now at 107.5p, all gone quiet, PET stolen the show.

[spaceparallax] 12/11/2012 11:05

Lovely to see the share price rebound, but it does beg questions over information leakage.

[dr knowledge] 12/11/2012 10:29

Whilst it's great to see a little trading, these are mere pebble ripples triggered by the minuscule free float (and most likely not Top Info), when real, tangible news hits (if it is good of course) we can expect a tidal wave of activity here - I'd still love to hear something this side of Xmas but I feel that real news will hit PXP first and we will follow. ;-)

[supercity] 12/11/2012 09:52

Directors sold shares at 200p earlier in the year, there was a lot of talk then about a takeover at that price then it just sold off through no interest- you wouldn't be at all surprised to see it shoot back up there

[34simon] 12/11/2012 09:49

107p full offer online 1500 max on that shake.

[34simon] 12/11/2012 09:46

Shake time on some small profit taking.

[sideshowbull] 12/11/2012 09:39

FOK only now.