Lfeaccetfusd Discussion Threads

[ducatiman] 09/1/2013 10:08

34S, up a tad, 1.2%. Put pxp into your monitor and you can track.

[34simon] 09/1/2013 09:13

Take it that PXP rose again ?

[sideshowbull] 09/1/2013 07:57

Philex again eyes Recto Bank exploration

MENAFN - - 1/8/2013 7:24:06 PM




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Philex again eyes Recto Bank exploration

Jan 09, 2013 (Menafn - The Manila Times - McClatchy-Tribune Information Services via COMTEX) --Philex Mining Corp. said on Tuesday that it is setting its sights anew on the development of Recto Bank, following the statement of the Chinese embassy in Manila that the Philippines should be open to a joint exploration of the area.

A Philex Petroleum official said that this 2013, they will set their focus on holding discussions on the resource-rich Recto Bank in northwest Palawan province.

Recto Bank is 150 kilometers off Palawan, or within the country's exclusive economic zone, but is also claimed by China.

"We are very interested in Recto Bank. Also, the [Philippine] government, our partner, is also interested in Recto Bank," said lawyer Mike Toledo, Philex senior vice president for Corporate Affairs.

Chinese Ambassador to the Philippines Ma Keqing strongly suggested that China and the Philippines must collaborate in maximizing oil and gas potentials of Recto Bank.

"It is a good sign that China is open [to a joint exploration]," Toledo said.

Philex officials are hopeful that discussions about the issue would progress but Toledo did not disclose a timeline.

"Recto Bank is a resource-rich area. It has 3.4 trillion cubic feet of gas and 440 million barrels of oil, which is so much bigger than the existing Malampaya gas field in Palawan," Toledo said.

He said that in pursuing talks on Recto Bank development, they would have to consider the political reality and that they would have to work under the political guidelines of the government.

Philex earlier announced that it would abandon its planned joint venture with a Chinese company if the maritime dispute plaguing the area will not be resolved in favor of the Philippine government.

Manuel Pangilinan, chairman of Philex Petroleum Corp., earlier said that his group is ready to pull out from the proposed partnership with state-owned China National Offshore Oil Corp., if political and commercial discussions will not satisfy the company and Manila.

"One thing that we will not do is infringe on the sovereignty or breach the laws of this country. So if the terms proposed are not acceptable to us or our government, we will simply not proceed," he said.

___ (c)2013 The Manila Times (Manila, Philippines) Visit The Manila Times
(Manila, Philippines) at www.manilatimes.net Distributed by MCT Information
Services



Copyright (C) 2013, The Manila Times, Philippines

[kmjs] 08/1/2013 18:20

They pay FAR more for gas in that part of the world than the US or Europe,
so sitting on a "potential world class" gas field is not an option. I said some
time ago that a political solution will be found and, hopefully, we have been
watching it move into position over the last year or so.

IMO, IF China and the other countries who claim various parts of the S. China
sea were to sit down and TALK it through, I have little doubt that the
Philippines would end up with the area in which SC72 lies so, IMO, China
would be wise to take the next best thing, which is to take part in any
exploitation of the find.

IF they resolve to develop the field prior to final international binding
agreement on ownership, then my money is on Shell/Chevron/PNOOC,
and a little known "new" technology company doing the analysis on just where
to position the drill bit.

[dr knowledge] 08/1/2013 18:13

...........and a few of us would be a lot richer! ;-)

[sideshowbull] 08/1/2013 17:56

Yip - if this is being discussed in the senate then it must be a formal offer.
Which suggests the Chinese would rather play ball and have a piece of the action.

It all comes down to money, pride goes out the window when the cheque book is open. As long as the offer is financially benificial to the Philippines then I would expect a yes and FEP will be the stock of the decade.

[timberwolf3] 08/1/2013 17:08

Looks like we are a step closer to the major hurdle of getting all relevant players around the table.

[dr knowledge] 08/1/2013 16:58

Good find, lets see how the debate pans out. ;-)

[unionhall] 08/1/2013 16:57

Good to see them taking the comment seriously...

[sideshowbull] 08/1/2013 16:50

House split on China's proposal
By Maricel Cruz | Posted on Jan. 09, 2013 at 12:01am | 76 views







House leaders are divided over the statement of Chinese Ambassador Ma Keqing on the Philippines and China going into a joint exploration of oil and gas reserves in the West Philippine Sea.

Deputy Majority Leader and Marikina City Rep. Miro Quimbo supported the proposal to foster ties with the mainland while House Assistant Majority Leader Sherwin Tugna, of party-list Citizens Battle Against Corruption, and Zambales Rep. Jun Omar Ebdane said acquiescence would weaken the Philippines' "exclusive territorial claims" amid other claiming states.

"I strongly urge that we consider this suggestion of the Chinese ambassador and look at this as the start of the thawing of the frozen relations of our two countries," said Quimbo, a lawyer.

"It has been done in the North Atlantic where countries with conflicting claims were able to sit down and set aside deep seated nationalistic objections in order for the countries to benefit from the resource," he added.

The Recto Bank off the coast of Palawan is believed to have 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.

"In the meantime, the parties involved can and should now start seriously discussion the joint exploration of said territories with the parties resolving ownership disputes elsewhere," Quimbo said.

But Tugna, of the House committee on foreign relations, said playing to the hand of China and would mean undermining the Philippines' stake on its boundaries.

"I do not agree with this," he said. "If we allow the joint exploration, it is an implied admission that we do not have exclusive ownership on this territory. We should not give in to this political strategy of China. If we allow this, we will weaken our territorial claims," he said.

Ebdane, whose district covers the Scarborough Shoal, described as "weird and strange" the idea of joint exploration, given Beijing's domineering moves. With Sara Susanne D. Fabunan

[duxy786] 08/1/2013 16:17

Well said Ducatiman.

Added again today, thats my 5th and final Add this week. It's only Tuesday, what am I gonna do got the rest of the week!!! :-(

[ducatiman] 08/1/2013 14:14

34, the pmump n dumpers play their games and good luck to them. They have no impact whatsoever on the long term share price

[34simon] 08/1/2013 14:11

Unreal what he posts just to get his followers to pay 92p+ just so he can dump
at 90p, Topinfo is doing this everywhere and advfn tolerate pump and dumpers like
him.

Be great if a hot 7am rns hits this year to topple the pump and dumpers.

[sportbilly1976] 08/1/2013 14:10

Duc,

Indeed - i have quite a few in my SIPP from last summer and I'm willing to let them ride until SC-72 gets decided one way or another

Added a few more to it this am too which I'll retain also.

As you say, too risky not to be

[dr knowledge] 08/1/2013 14:09

ducatiman, if that is the impact of Topinfo and a few orks, heaven knows where we will be if a JV is announced. The only thing in our favour is that we have PXP as our guide as to what is happening, what maybe leaking. ;-)

[ducatiman] 08/1/2013 14:06

If a jv is announced with cnooc, where do we think the share price will go? Miniscule freefloat, any demand will see us way over previous highs. Better to be in just in case, imo. GLA, duc.

[sportbilly1976] 08/1/2013 14:00

as you were chaps...here's for PXP to put on a few more overnight

[dr knowledge] 08/1/2013 13:14

earnestwipplethwaiteIII - incidents with diplomats are not that rare, correct. Incidents with Chinese diplomats are exceptionally rare and they tend not to remain in their posts.

China is not going to get the territory, Filipinos are not going to get China to walk away, the golden goose here is commercial reality and the commercial reward that both can gain without losing face and the only viable solution (apart from leaving the oil under the sea) is some kind of collaboration/JV. Both countries need the asset and the resource, my money is therefore on a solution, walkign away is not an option. ;-)

[sideshowbull] 08/1/2013 13:11

Let's see what PXP does tonight, they are obviously closer to the rumour mill. I will keep adding, in for the big show not a piddly £100.

[34simon] 08/1/2013 13:11

Of course he is out, he will never get rich because he cannot hold a stock more
than a few hours.

[sportbilly1976] 08/1/2013 13:05

I'd say they're out...no posts since those trades

[34simon] 08/1/2013 12:41

How long did he hold, 30 minutes max lol

Anyway, 92.5p offer now Fep, story remains the same, just some very quick topinfo crowd in and out, they will buy back higher if it starts to move up again :-))

[34simon] 08/1/2013 12:26

sportsbilly

That must be topinfo out, all the 84.8p/85p buyers look to have sold.

[34simon] 08/1/2013 12:24

The trick is to sell before topinfo and his gang do today :-))