Lfeaccetfusd Discussion Threads

[unionhall] 08/1/2013 08:14

Just the increase in PXP Market Cap last night(£77m approx) was 2.5 times Forum Energy total cap(£30m Approx.

[ducatiman] 08/1/2013 07:50

Will we ever catch up with pxp? Dual listing needed.

[sideshowbull] 08/1/2013 07:38

PXP chart looking bullish too:
broke out of the rising wedge and then flag.

[sportbilly1976] 08/1/2013 07:01

PXP up 10% overnight....

[unionhall] 07/1/2013 12:51

Yes, he seems to have done an about turn in the right direction.


Bad enough to have to negotiate with the Chinese without having dissension in the Forum Energy ranks. Good to see that change.


Still a wild punt but perhaps a little more light at the end of the tunnel.

I see PHP broke above 30peso for the first time since Sept last night.

This still leaves an approx 25:1 discrepancy in their relative valuations, ascribing just 50% of the PHP value to SC 72.

Quite phenomenal.

[timberwolf3] 07/1/2013 12:34

Razon has changed his tune then Unionhall.

[unionhall] 06/1/2013 19:43

The rest of that article......


Political reality
In a text message, Pangilinan, chairman of Philex Mining Corp., concurred with the views of Ma to explore Recto Bank. But he said he must face the "political reality" involved in any Recto Bank find.
"I must say that the Chinese position, as articulated by the current Chinese Ambassador Ma and by [its] past ambassadors, has, as far as I know, been consistent in respect of the dual sovereignty or commercial aspects of the potential oil and gas resources in the West Philippine Sea. That's the same stance CNOOC conveyed to us last year," he said in a text message.
"As businessmen, we can only respond appropriately to one side of that duality-the commercial one. That's a course we would like to pursue keenly, purely as a commercial matter. After all, if there is nothing out there under the seas, what is there to quibble and quarrel about?" he said.
Pangilinan added: "We appreciate that we cannot abstract from the political realities obtaining and, since we're only a contractor to-not owner of-those potential resources, we must respect and work within the political guidelines and rules."
In a text message, Razon, chairman of International Container Terminal Services Inc., said that reaching a "commercial solution" first between the Philippines and China was possible while the territorial dispute remained unresolved.
Negotiate profit sharing
Razon said the parties could negotiate on profit sharing and royalties from any oil and gas find that would be agreeable to both the Philippine and Chinese governments. He suggested that drilling rigs be provided by operators from third-party countries.
Pangilinan and Razon are the joint holders of Service Contract No. 72, the state-granted exploration franchise that covers 80,000 hectares in Recto Bank. The bank falls within the 330-kilometer exclusive economic zone (EEZ) under the Philippine Archipelagic Baselines Law.
Pangilinan's Philex Mining, though its subsidiaries FEC Resources Inc. and Philex Petroleum, owns a controlling 64.45 percent of Forum Energy Plc, which holds 70 percent of SC 72. The remaining 30 percent of SC 72 is owned by Razon's Monte Oro Resources and Energy Inc.
Pangilinan met with CNOCC officials last year for a possible tie-up but Razon said Monte Oro was not too keen on getting a Chinese partner for its share in SC 72.
President Aquino is adamant that all royalties go to the Philippines because Recto Bank is clearly inside the Philippine EEZ, being 150 km off Palawan while Hainan, the nearest Chinese territory, is 570 km away.
Forum was scheduled in October last year to check the soil stability in the area in preparation for an appraisal well drilling in the first or second quarter of this year. But the Department of Energy refused to give Forum the go-signal pending the resolution of the territorial dispute with China.

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[unionhall] 06/1/2013 19:39

xxtsc

Yes indeed - very interesting intervention from a Chinese person at the level of Ambassador.

They will not have been speaking in a vacuum - but within whatever passes for Chinese policy......


I hope.......

[timberwolf3] 06/1/2013 18:49

xxtsc - good find, thankyou.

[xxtsc] 06/1/2013 18:05

China open to joint oil dev't in Recto Bank
By Gil C. Cabacungan
Philippine Daily Inquirer
12:23 am | Monday, January 7th, 2013

Chinese Ambassador to the Philippines Ma Keqing

The Philippines and China may forge ahead with the joint exploration of oil and gas reserves in the West Philippine Sea, which the latter calls the South China Sea, even as their leaders continue to squabble over boundaries.

Chinese Ambassador to the Philippines Ma Keqing made this suggestion as she said these resources could remain idle for a very long time if the Philippines and China waited for a final resolution of their territorial dispute before engaging in any commercial development in the area.

In an interview with the Philippine Daily Inquirer editorial team last month, Ma said the Philippines and China should allow oil and gas prospectors-China National Offshore Oil Corp. (CNOOC) and the Forum Energy-led consortium of businessmen Manuel V. Pangilinan and Enrique Razon Jr.-to strike a deal to confirm and maximize the oil and gas potential of Recto Bank off the coast of Palawan province.

Estimates showed that the Recto Bank prospect has potential reserves of 3.4-trillion cubic feet of gas and 440 million barrels of oil that would make this a bigger find than the Malampaya gas field, also off Palawan.

"I think they (Forum Energy) are now discussing a joint cooperation with China. It's a very positive sign. Why not let two companies discuss the cooperation? I think cooperation will be the best way," Ma said.

Joint understanding

The Chinese ambassador took note of "previous proposals to shelve sovereignty disputes and pursue joint cooperation," referring to the Joint Maritime Seismic Understanding (JMSU) that the Arroyo administration initiated in 2005.

Under the JMSU, the three signatories-CNOOC, Petron Corp. of the Philippines and Vietnam Oil and Gas Corp. (PetroVietnam)-agreed to explore for three years the potential for oil in the disputed waters among the three countries.

The arrangement was criticized as unconstitutional for failing to comply with the 40-percent foreign ownership limit on join exploration deals involving natural resources of the Philippines.

Formula valid

"I think it is still a very valid formula pending the solution of the disputes. We can have cooperation with each other to [explore] the resources because we cannot see in the near future... that we can solve all the disputes," the Chinese ambassador said.

Ma said the disputes over sovereignty and territorial integrity were very sensitive matters.

[unionhall] 05/1/2013 20:26

1,400MW Of LNG-Fed Projects Eyed
By MYRNA M. VELASCO
January 5, 2013, 10:57am

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While Shell has been targeting to bring into commercial fruition by 2015-2016 its LNG terminal, the energy department wants it by 2021 – as part of its strategy also to supplement supply source for the gas plants currently being served by the Malampaya field.

The country is still currently searching for its next commercial-scale gas field – that if possible – should have larger reserve than Malampaya.

The energy department hinted that it expects 146 billion cubic feet (BCF) gas production from the Sampaguita prospect within the Recto Bank area. However, this is still due for drilling and it has yet to be established if the resource assessment would prove commercially viable in the end.

The lingering diplomatic skirmish with China though has been causing snags on the targeted drilling in the area of its service contractor Forum Energy. (MMV)

[unionhall] 31/12/2012 10:08

Still trending up in the Philippines.....

[unionhall] 21/12/2012 11:36

Yeah - looks pretty ok - getting on with the day job at Galoc....

[supercity] 21/12/2012 11:00

an rns...thought they had packed up for xmas.

[marauder7] 18/12/2012 18:49

Of one thing you can be very sure... and that is that the Filipino issue does not mean what it, at first glance, appears to mean. The degree and sophistication of the posturing is noteworthy. :)

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

[cfccfc1970] 18/12/2012 18:45

China row delays Forum exploration

Forum Energy Plc, an oil and gas company controlled by Philex Mining Corp., cannot proceed with the exploration of Recto Bank in the disputed West Philippine Sea without clearance from the Foreign Affairs Department.

Energy Secretary Jericho Petilla told reporters the permits given to oil and gas exploration companies exploring West Philippine Sea had certain limitations.

"The limitation of SC [Service Contract] 72 is that is part of the dispute we have right now with China and because of that, everything that we have to do on SC 72, we have to get clearance [from] DFA," Petilla said.

SC 72 covers an area spanning 8,800 square kilometers in offshore west Palawan, including the Recto Bank. The area is estimated to have mineral resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.

Forum Energy planned to conduct geotechnical investigation that will include surface exploration of the SC 72 site in October but was unable to get the required approval from the government, especially the Foreign Affairs Department.

"Why [DFA]? Because what is at stake is not only energy. It goes beyond energy. So we have to deal with Foreign Affairs for this matter and it's being done right now," Petilla said.

Petilla said his department would defer the matter to Foreign Affairs, which would give the final directive.

"If they say, we've stopped an arrangement with China or if it is okay to give them a permit, then we do not have any problem. But if they say, hold that, it may complicate things and will escalate, so we will hold," Petilla said.

Petilla said his department's role does not include territorial disputes. "As far as territorial dispute is concerned, ours is on technical side, so will wait for proper authorities for that," he said.

[unionhall] 14/12/2012 09:11

Philippines chart continues to push upwards......

[unionhall] 11/12/2012 21:02

Made a little surge in the Philippines last night - no idea why.......

[unionhall] 03/12/2012 15:20

pxp still trending ever so slightly upwards in the Philippines...

[unionhall] 28/11/2012 15:12

The Philippines PXP share price chart above is looking nice and steady - even a slight rise. Volumes still low.

[earnestwipplethwaiteiii] 25/11/2012 09:35

Round Two: China 1 India 1