Lfeaccetfusd Discussion Threads

[sideshowbull] 26/10/2012 08:31

What the FEP is going on!

[spaceparallax] 25/10/2012 11:46

Good to see Galoc back on track

[earnestwipplethwaiteiii] 24/10/2012 08:32

RNS - A trading Update scarcely worthy of the name. Galoc production steady at 5,300 bpd. That's it, nothing on Sampaguita. Old Muggins really earning his 200p/share today.

[dr knowledge] 19/10/2012 09:58

Was just about to comment on that - good to see them slowly "crawling" back up, whilst we...........errrm, remain glued to the floor! ;-)

[unionhall] 19/10/2012 09:56

PXP ticking along nicely having hit the 61.8% fibonacci retrace. (Courtesy of a poster on a Philippines website)


I've updated the various Market Caps above in the header.....

[spaceparallax] 10/10/2012 13:10

They've tried it before and largely failed.

[marauder7] 10/10/2012 11:13

The MMs are simply trying to wear out impatient holders. Try to dispose of a £50K holding and you'll be offered at least a 10% discount on share price Try to buy £50K and you'll pay a 15%-20% premium.

HOLD.

All IMHO, FEPO, TINFA, E&OE, DYOR.

[fireplace22] 10/10/2012 08:45

Amazing what a buy of £380 can do to the share price

[sportbilly1976] 10/10/2012 08:37

first sign of positivity in the share price for almost a month!!

[earnestwipplethwaiteiii] 08/10/2012 10:31

garyfone - there's the rub; with China in its present nationalistic and belligerent mood, I'm afraid it's anybody's guess when things might get rolling again at Sampaguita.

[garyfone] 08/10/2012 10:13

well at some point they have to drill 2 wells, so the action will start again soon, just a question of when.

[sportbilly1976] 05/10/2012 09:27

well here we are - back to the level before the rns came out in April.

...and all that really happened was that it allowed the Directors to cash in a load of options at 34p and sell them on for £2 a pop

...and re-invest absolutely £nil of the proceeds

I guess they are followers of the "all in this together" mantra! :)

[marauder7] 26/9/2012 19:54

Hello, all. :)

What's been happening while I've been busy attending to other matters?

Any theories (aside from the perception of SCS tensions) to account for the decline in share price and the continuing, miserable daily trade volume?

[ih_152300] 25/9/2012 13:38

DOE may allow Forum Energy to delay Recto Bank drilling
Tuesday, 25 September 2012 20:44 Paul Anthony Isla


THE Department of Energy (DOE) may grant Forum Energy Plc.'s expected request to delay its oil-drilling program in the Recto Bank, Energy Secretary Jose Rene Almendras told reporters on Tuesday.

"We will grant [their request for] delay considering whatever are the due political instances required. We hope that there will be peace and that we can proceed with all the activities we're trying to do for the areas that are not contested," he said.

Almendras, however, said that Forum is yet to submit a formal request for an extension, adding he is constantly in touch with key officials of the oil-drilling firm. He assured that they are coming up with solutions and initiatives to push through with the drilling at the West Philippine Sea through the Department of Foreign Affairs.

"There is enough basis for further development to take place. The disclosures in the London and Manila Stock Exchanges are very clear about the numbers," he said.

Manuel Pangilinan, Philex Mining Corp. chairman, earlier said they have chalked up a work program commitment extending up to August 2013, and the principal component program is the drilling of two wells in the Sampaguita gas field. "We want to stick to our work program because that is our commitment to the government," he said.

[sportbilly1976] 25/9/2012 09:33

Well i have used the contact section on their website to directly ask if the Directors have any intention of making an open market purchase of shares.

Not that I'm expecting a reply...

[unionhall] 22/9/2012 16:19

InterAksyon.com
The online news portal of TV5

MANILA, Philippines – Every key detail of meetings between Chinese petroleum officials and a Philippine company that owned the service contract to explore the Recto Bank were made known to 'relevant Philippine government' entities before and after Manuel V. Pangilinan flew to Beijing in May, the businessman said Friday.

In a telephone interview from Tokyo with News5, Pangilinan said he has nothing more to explain on the matter because at every turn - from the time the invitation to meet in Beijing was sent by the China National Offshore Oil Corp. (CNOOC), to the threshing out of discussion notes, to the post-meeting briefing - his side had kept Philippine government officials, in Manila and with the Philippine embassy in Beijing, abreast of developments

Pangilinan said he even made minutes of the May 8 meeting with CNOOC and furnished this to the Philippine embassy, which at that time did not yet have an ambassador, as it was weeks before Sonia Brady would be assigned there. Pangilinan said he touched base with the Consul General as soon as he arrived in Beijing, and apprised the Consul General of the agenda of his upcoming meeting with CNOOC, and then briefed the embassy later, by way of shared minutes.

(Pangilinan is chairman of TV5, for which InterAksyon.com is the online news portal.)

In the wake of the plenary showdown last Wednesday between Senate President Juan Ponce Enrile and Sen. Antonio Trillanes IV, over Trillanes' apparent meddling with the work of DFA on the China front, Pangilinan said he wants to "just move on."

"I've said what I wanted to say," he said in Filipino. "I had that meeting with CNOOC sa Beijing for what I thought is the best interest of our country. I would not have talked to them if our government didn't know about it."

Asked who in the Philippine government knew of the meeting, Pangilinan said he did not wish to pinpoint exact personalities.

"Ang masasabi ko lang, lahat ng aming ginawa bago naming ginawa ito (What I can say is, everything we did)...from the time the letter came from the CNOOC chairman inviting us to visit Beijing, till the date was set, and what I would tell the CNOOC officials - I cleared all of that with our government."

In the absence of an ambassador in Beijing, Pangilinan said "we went to see the consul general the day before the meeting; and right after the meeting with CNOOC, we met at my hotel, we had coffee and some briefing so they would know what we talked about. So all relevant officials of the government knew."

Pangilinan stressed, "I would never make any trip on such a sensitive matter without clearing it with the government. I don't want to do that because I know I might be accused of being a traitor to our country."

There was never a time in that trip to Beijing that he had an encounter with Trillanes, he stressed. Neither would he have told Trillanes of his meeting with CNOOC, he said, since the latter requested that he limit the dissemination of details to only the relevant officials of the Philippine government.

"The relevant officials were exempted [from the confidentiality request]. I told [the Chinese] I have to brief them because I cannot keep this just to myself; I must brief my government because it's hard for me to just be doing this on my own."

He declined to specify the names of government officials when asked to comment on a report that at some point, President Aquino had asked the Secretary of Foreign Affairs who authorized him to go to Beijing. "Hindi nila masasabi na hindi nila alam. Yun lang ang masasabi ko. Hindi ako gumagalaw na hindi nila alam," he said. (They can't say that they didn't know. That's all I can say. I don't move without them knowing.)

Pangilinan said he had reacted strongly to Trillanes' framing of the situation - as Enrile revealed from the Brady Notes on Trillanes - only because the younger senator had made it appear there was "no resource" of substantial levels in Service Contract 72 that was bagged by Philex Petroleum; and Pangilinan therefore supposedly conspired with del Rosario in contriving a war-like scenario at Panatag Shoal to draw attention away from Recto Bank.

Pangilinan said Philex Petroleum never misled anyone on this and "in fact, in a forum, Philex Petroleum said there appears to be resources there, it looks big, but that cannot yet be confirmed with certainty."

"That's why we warned that such a resources estimate was not final. We never said anything about that spot being a dry hole," he explained, speaking in Filipino.

He said his group was not protecting anybody else's interest in SC 72. "The CNOOC at this time has no participation yet in that SC 72, because they have no money there. All the money came from Philex Petroleum-Forum and its local partner."

Pangilinan reiterated four guidelines that he said govern any decision in dealing with China in any potential joint exploration venture:

First, the arrangements "must not infringe on Philippine sovereignty."

Second, it must not violate any Philippine law or regulations.

Three, the commercial terms of agreement with the Chinese "must be acceptable to the Philippine government and with us in the private sector, and of course, their [Chinese] because we can't be the only ones unilaterally making impositions on them."

Fourth, the Philippine President or government must not in any way be compromised by any arrangement and "we will never defy them."

[ducatiman] 20/9/2012 15:16

Mullins has absolutely no intention of buying back, imo and neither does he give a hoot about where the share price goes, imo.

[earnestwipplethwaiteiii] 20/9/2012 11:50

Bonnier - No need for the hyperbole, hardly a cliff, but I see your point: we're seeing the downside of having a mega-asset that is under perceived threat, just as, were there blue sky, the share price would go stratospheric. Everything else that Forum owns - the producing well, the coal, etc - pales to insignificance. The difficulty is no-one can say how long China will play hardball with its claims in the region, and that impinges directly on FEP's share price

[rbonnier] 20/9/2012 11:37

Starting to fall off a cliff maybe Andrew Mullins intends to buy back at 34p .There doesnt seem any point buying back in at the moment as this seems on a crash course into oblivion .

[ducatiman] 20/9/2012 08:24

Well played Andrew Mullins, sold at £2 shortly after paying 34p for his options. A big profit banked and it would seem he has no intention of buying back at this level. Time for a new director or two?

[earnestwipplethwaiteiii] 20/9/2012 01:16

Article on the validity of China's claims in the SCS:

[garyfone] 19/9/2012 10:27

They are still looking for a rig to start drilling, an update must be happening quite soon, as per sc72,2 wells must be drilled by Aug 2013, unless I am mistaken