Lfeaccetfusd Discussion Threads

[cfccfc1970] 01/8/2012 20:28

unionhall
1 Aug'12 - 20:55 - 5428 of 5428

Union......nice!!!

[unionhall] 01/8/2012 19:55

MANILA, Philippines – In a sign of friendship and goodwill, Philippine defense and military officials shared the same stage together with officials from the Chinese Embassy in Manila, with both sides expressing confidence that the ongoing territorial dispute will be resolved peacefully.

Philippine Defense Secretary Voltaire Gazmin and Armed Forces of the Philippines Chief of Staff Jessie Dellosa led government officials who attended the reception hosted by the Chinese Embassy Tuesday night to mark the 85th anniversary of the founding of the People's Liberation Army of China.

In his speech, Chinese Defense and Armed Forces Attaché Senior Colonel Chen Fangming expressed confidence that the Philippines and China will reach a peaceful settlement to resolve the territorial dispute over Scarborough Shoal (Huangyan Island to the Chinese; Panatag Shoal to the Philippines) if both sides continue to make a "frank dialogue."

He cited the "consensus" reached by Chinese Defense Minister General Liang Guanglie and Secretary Gazmin regarding Scarborough Shoal and the South China Sea when they met in Cambodia last May.

"They reached three consensus: each side should restrain words and actions, avoid potential escalation of the issue; maintain the door open for communication and seek good solutions. I am confident that if we try our best to make frank dialogue rather than monologue, we could find good solutions to disputes and resume our friendly relations," Chen said.

[dr knowledge] 01/8/2012 08:57

Nick2412 - would most definitely be worthwhile trying to get in front of Mullins, we corresponded a year or so back, so he is approachable. I half agree with post above and FEP could (just could) be taken out of the equation, but that said I really doubt it would be done so at anywhere near the current share price Has anyone contemplated a Chinese (or other) predator looking at Forum??? We had a clue as to what value might be construed from such an approach via the director sales @ £2 a share. Also, very much doubt any such move would be un-contested and one also has to ask, what price would PXP (or any party) have to pay to gain control?? ;-)

[earnestwipplethwaiteiii] 01/8/2012 03:41

Well Nick, there has been a conspicuous lack of buying in FEP at the same time as consistent buying in Philex, so I beg to differ on that. But I only put it forward as a suggested reason; my opinion on the overall situation hasn't changed, in that, historically, FEP is clearly news driven, and I fear good news may still be far off, given China's recent and continuing assertiveness.

[nick2412] 01/8/2012 03:00

Yes China is a problem but to say that is why Philex has done well and FEP has stagnated suggests a certain lack of logic. I sold much of my holding when the directors sold but the story still allows for massive upside. China does so much trade with the Philippines, Vietnam and ASEAN countries it can't afford to upset them. Both Russia and India have farm-ins with Vietnamese territories that are claimed by China. The U.S. remains in the background. The economic risk for China of over doing the aggression has to be taken into account.

The most likely outcome in my view is a negotiated settlement with China taking most of the Spratlys and allowing close to coastline blocks like Reed bank to be retained by the Philippines.

The Philippines will also go the legal route and get the U.N to uphold the U.N. Law of the Sea. I am in HK now and if I get the chance would like to visit the office and see Andrew Mullins but no reply to my emails.

[earnestwipplethwaiteiii] 31/7/2012 23:09

Glasswala - the article, in suggesting that any development of Reed Bank involving Forum may not be acceptable to the Chinese, perhaps gives a clue as to why Forum's share price has stagnated, indeed declined, while Philex's has performed much better in the last few months. If it is indeed the case, there are many ways the problem could be solved, but they might well involve Forum not reaping as many of the rewards as would otherwise be the case, were they able to stayed fully involved.
Overall I would take the article as cautionary; China, like it or not, is the new big boy on the block, and is wielding increasing economic muscle in the world, even without its concomitant military build up. As the article implies, the size and growth potential of the Chinese market is such that even large multinationals and smaller, neighbouring countries are leery of getting on the wrong side of the giant these days. Such is the new reality.

[marauder7] 31/7/2012 13:15

If the article had much credence, we would see a huge percentage decline in the stock price for - especially - PXP. :)

[glasswala] 31/7/2012 11:36

timberwolf3, easily said than done as i m sitting on a whooping loss and many a times i have jumped ship only to find the share rise above my cost and make a handsome profit if i had only had the patient to sit tight. I will wait and see this time around!
The article i found was for info purpose not to scare people to sell up!! It just highlights the fact that it is not as straight forward as some have been drumming about.

[timberwolf3] 31/7/2012 10:05

Best sell up then Glasswala if you believe that.

[glasswala] 31/7/2012 09:41

This article should be read as it may be suggesting that Reed bank may not be developed!! NO Major Partners NO cash NO go!!!!

[sportbilly1976] 31/7/2012 08:30

Indeed...since the 28th April rns we have increased ~50% while PXP have almost quadrupled, and yet we have twice the exposure to SC-72 as PXP

[unionhall] 31/7/2012 08:06

...PXP still rising nicely in Philippines.....

[sportbilly1976] 31/7/2012 08:04

Well got my £2 lucky dip for tonight's lottery....a win there & I'll pick up the free float!

[timberwolf3] 30/7/2012 10:59

Morning, Philex petroleum teaming up with Pitkin petroleum to bid for new exploration blocks, interesting to note that our chairman is a NED on Pitkin board..

[sideshowbull] 30/7/2012 10:54

That small top up has moved SCAP and FOXY, nice..

[sirshagalot] 27/7/2012 13:40

oh marauder do l prey tell ! lol

also if theres going to be a dispute it will be with malaysia cos my dears thats where the field is.

[marauder7] 27/7/2012 09:43

Hahahaha!! ;D

[glasswala] 27/7/2012 09:20

No movement in price up or down for two days in a row!! We are on a roll!!

[marauder7] 27/7/2012 09:02

Thanks.

Aside from the geopolitical aspect (PRC vs the rest) for the whole region, what bearing does whether Pitkin Petroleum, Philodrill Corporation or Philex Petroleum win the bidding have on our SC-72 development?

I have my theory, but would prefer to see someone else come up with it too - as it may be quite wrong.

[cottoner] 27/7/2012 08:44

Bidders For Petroleum Blocks Identified

By MYRNA M. VELASCO

July 26, 2012, 5:25pm


MANILA, Philippines - The three consortia bidding for the three petroleum blocks to be offered under the continued Philippine Energy Contracting Round 4 (PECR-4) this July 31 had been disclosed by the Department of Energy.

These are Pitkin Petroleum, Philodrill Corporation and Philex Petroleum as one group; the consortium of Philippine National Oil Company-Exploration Corporation (PNOC-EC) and Nido Petroleum; and PetroEnergy Resources Corporation which is expected to submit an offer separately.

The Pitkin-Philodrill-Philex group and PetroEnergy are reportedly eyeing Area 5; while PNOC-EC and Nido will be bidding for Area 4. Sources from the department indicated that no interest has been lodged, as of press time, for Area 3.

These three remaining areas are being contested by China based on correspondence it earlier lodged with the Philippine Department of Foreign Affairs.

It is worth watching then if these three groups will really be brave enough to advance their interests in next week's auction.

For Energy Secretary Rene D. Almendras, it will be all-systems go for the proposed July 31 bidding for these oil and gas service contracts (SC), as he noted that the blocks being offered are rightfully under the territorial claim of the country.

He added that the first 12 of the 15 blocks earlier offered to prospective developers are currently being reviewed and that award will be made within the prescribed timeframe of 180 days.

The energy department earlier indicated that it has been banking on the interest of local investors on the success of the bidding for the three blocks. As it appears now though, it has been exceeding that with the participation of at least two foreign firms.

At the Security Bank Economic Forum, Almendras has laid down that the country is already on a catch-up mode when it comes to matching the oil and gas development achievements of Asean neighbors.

He indicated a sad reality that "we are lagging behind in this area," as even Vietnam gas production to date is already 10 times larger than what the Philippines has logged.

The domains being claimed by China would cover Areas 3 and 4 in Northwest Palawan and the closest so far to the Recto Bank (or Reed Bank) area where Philex Petroleum's prospective field development is located.

In other reports, China made claims to Areas 3, 4 and 5; but the Philippine government is staunchly opposing it by invoking the exclusive economic zone (EEZ) provision of the United Nations Convention on the Law of the Sea.

It has been emphasized that the service areas comprise of three onshore and 12 offshore blocks, covering a total area of 10 million hectares along Northwest Palawan, East Palawan and Sulu basins.

[unionhall] 27/7/2012 08:27

Creeping back up in the Philippines.

Great fun anticipating how this will unfold for FEP shareholders.


Wipeout, riches or somewhere in-between ?


We (PI's) will be the last to know.

[timberwolf3] 25/7/2012 14:18

Shell and CNOOC sign joint venture to develop Yinggehai basin in South China Sea.

[glasswala] 25/7/2012 11:55

We have had the directors selling out @ £2, the Chinese throwing the wobbly re ownership of the area, the Basic Energy Settlement, the loss for the year....can there be any more bad news lurking around!! Will this price be the bottom for the time being??

[marauder7] 25/7/2012 08:31

unionhall 25 Jul'12 - 08:58 - 5405
> Interesting that Philex Petroleum % (direct and indirect) of Forum is
> confirmed as 60.49%.
> So no increase there....

Yep. As with the share purchases from directors, the way the free float is (IMO) being chipped away at is direct holdings by Asia Pacific group or its subsidiaries. The Philex corporations are leapfrogged.

[unionhall] 25/7/2012 07:58

Interesting that Philex Petroleum % (direct and indirect) of Forum is confirmed as 60.49%.

So no increase there....