Lfeaccetfusd Discussion Threads

[sideshowbull] 24/1/2013 14:23

Or chinese or even a short chinese.

[spaceparallax] 24/1/2013 14:17

presumably that means you're Short

[earnestwipplethwaiteiii] 22/1/2013 16:29

To the Chinese side, such an assertive stance as they are now taking in the South China Sea is in accordance with its natural, historic role in the region, after the ignominy of the past few hundred years; it is a commonplace, and perhaps a cliche too, to say that their historical perspective measures in such time spans. To most of the rest of the world, more accustomed to the modern notion of the nation state and to looking at the geographical proximities on the map, such a position is an anachronism. But with the continuing, rising power of China, it is difficult to see an amicable resolution to the multiple territorial disputes in the SCS in the foreseeable future; who, for example, believes the present Chinese government will accept an adverse ruling should the UN ultimately decide in the Philippines' favour?

[fingolfin] 22/1/2013 11:46

"They don't want to know beacuse nothing is likely to happen for months"

Unfortunately, it could be a lot longer than that!



"The Philippines said it expected legal proceedings to take between three and four years, based on previous cases."

[34simon] 22/1/2013 10:23

Got a link acta because I can not find it ?

Sellers in Fep at 68p now !

[acta_topup] 17/1/2013 23:26

You can get it from their website. Its very easy to find

[34simon] 17/1/2013 16:51

Acta

Have you a link to the MBW major shareholders please, tried to get one from their website tia.

[acta_topup] 17/1/2013 13:37

They don't want to know beacuse nothing is likely to happen for months, plus there is a possibility of an unexpected bad outcome with regard to the license due to the scheduling issues

[dr knowledge] 17/1/2013 12:57

sportbilly - not necessarily, at least in terms of securing a partner, that alone would cause a re-rating of the stock even before a test drill hits the ground. May also just give the DOE a welocme kick up the bottom to forge some kind of deal with the Chinese, their hesitancy will only fuel chinese hunger for the claim. ;-)

[34simon] 17/1/2013 11:13

So they paid 93p on the last run albeit it was Topinfo mug followers and now within a week is it it's 76p to buy, certainly cheap but nobody wants to know
a stock unless it's up 10% on the leaders board.

[sportbilly1976] 17/1/2013 09:05

look like FEP holdings can be mothballed until the autumn at least then...

see you back at 65-70p (glad these are held in my sipp and not trading account!)

[timberwolf3] 16/1/2013 19:29

i agree sideshowbull

[sideshowbull] 16/1/2013 19:12

Looks like Mani is calling the Gov out, what's a bet that if the Gov said go ahead the Chinese would be drilling very soon and in any weather condition.

[xxtsc] 16/1/2013 18:48

2013 exploratory drilling for Recto Bank postponed


Published on 17 January 2013

Written by Madelaine B. Miraflor

A Philex Petroleum unit, Forum Energy PLC., will no longer send its geotechnical vessel to the Recto Bank area this year to conduct the drilling for exploratory wells in the vicinity.



Manuel Pangilinan, Philex Mining Corp. chairman, told reporters on Wednesday that Forum Energy could not meet the August 2013 deadline given by the Department of Energy for the study of phase 1 drilling for Recto Bank.

He said that the drilling for this year would be very unlikely given that the weather window is from March to April, and much time is needed to mobilize.

"We need a survey sheet first on site to determine the sea basin for stability for an oil rig, on a certain size and weight, plus to determine the base line in ecological characteristics on where we will drill," Pangilinan said.

"That's the requirement of government. So before an oil rig can be put in place, we will need this survey sheet to be there to determine these two things-the base line environmental characteristics of the drilling location, and, number two, the stability of the sea floor to support an oil rig. So we haven't done that yet," he added.

Pangilinan said that they have asked for an extension regarding the deadline for the phase 1 of the project, and the Energy department gave them an extension until August 2013, which is still not enough time for them to conduct such an activity.

As for the permit for doing the survey, Pangilinan said that, "technically, that is within our work program but remember there was a circular that said before you engage in an activity in the west Philippine sea, you must give 90 days notice to department before we do that."

"We've done that July 4 and no reply, so we couldn't do it," he added.

Pangilinan also mentioned that the progress on Recto Bank will "always" be dependent on the country's issues with China. China is claiming Recto Bank, which is located within the exclusive economic zone of the Philippines.

This drilling on Recto Bank's exploratory wells is connected with Forum Energy's petroleum service contract area along the West Philippine Sea (South China Sea) under Service Contract 72.

Pangilinan earlier said that Forum Energy might need more time to meet its commitments in exploring Recto Bank.

Philex Mining, through its interests in FEC Resources Inc. and Philex Petroleum Corp., controls 64.45 percent of the capital shares of Forum Energy.

2013 exploratory drilling for Recto Bank postponed

A Philex Petroleum unit, Forum Energy PLC., will no longer send its geotechnical vessel to the Recto Bank area this year to conduct the drilling for exploratory wells in the vicinity.
Manuel Pangilinan, Philex Mining Corp. chairman, told reporters on Wednesday that Forum Energy could not meet the August 2013 deadline given by the Department of Energy for the study of phase 1 drilling for Recto Bank.
He said that the drilling for this year would be very unlikely given that the weather window is from March to April, and much time is needed to mobilize.
"We need a survey sheet first on site to determine the sea basin for stability for an oil rig, on a certain size and weight, plus to determine the base line in ecological characteristics on where we will drill," Pangilinan said.
"That's the requirement of government. So before an oil rig can be put in place, we will need this survey sheet to be there to determine these two things-the base line environmental characteristics of the drilling location, and, number two, the stability of the sea floor to support an oil rig. So we haven't done that yet," he added.
Pangilinan said that they have asked for an extension regarding the deadline for the phase 1 of the project, and the Energy department gave them an extension until August 2013, which is still not enough time for them to conduct such an activity.
As for the permit for doing the survey, Pangilinan said that, "technically, that is within our work program but remember there was a circular that said before you engage in an activity in the west Philippine sea, you must give 90 days notice to department before we do that."
"We've done that July 4 and no reply, so we couldn't do it," he added.
Pangilinan also mentioned that the progress on Recto Bank will "always" be dependent on the country's issues with China. China is claiming Recto Bank, which is located within the exclusive economic zone of the Philippines.
This drilling on Recto Bank's exploratory wells is connected with Forum Energy's petroleum service contract area along the West Philippine Sea (South China Sea) under Service Contract 72.
Pangilinan earlier said that Forum Energy might need more time to meet its commitments in exploring Recto Bank.
Philex Mining, through its interests in FEC Resources Inc. and Philex Petroleum Corp., controls 64.45 percent of the capital shares of Forum Energy.

Madelaine B. Miraflor

[unionhall] 15/1/2013 21:24

Solons Back Joint PH-China Oil Exploration Plan
By CHARISSA M. LUCI
January 14, 2013, 6:35pm
MANILA, Philippines --- House leaders took note yesterday of the Aquino government's openness to joint oil and gas exploration initiative with China, saying that once it pushes through, it could spur the Philippines' economic development.

Assistant Majority Leader and Citizens' Battle Against Corruption (CIBAC) Party-list Representative Sherwin Tugna and House Deputy Majority Leader and Marikina City Representative Miro Quimbo said there is nothing wrong with the President's move to give in to China National Offshore Oil Corporation's (CNOOC's) offer to explore the resource-rich Recto Bank, which has potential reserves of about 3.4 trillion cubic feet of gas, and 440 million barrels of oil.

"I believe that the joint oil development will be legal, on the condition that the CNOOC recognize that Recto Bank is Philippine territory. Also, I understand that China National Offshore Oil Corporation is a private corporation and not state-sanctioned. If this is so, the more reason that the government has a legal ground to proceed with the joint exploration because it is merely dealing with a private Chinese corporation and not with a corporation that is the alter-ego of the Republic of China," Tugna said in an interview.

Quimbo, who earlier asked the Aquino government to consider the proposal made by Chinese Ambassador to the Philippines Ma Keqing, said the serious discussions on the joint exploration should be jumpstarted, believing that the territorial row is "purely economic-based."

[unionhall] 14/1/2013 21:33

MANILA, Philippines - Palawan Rep. Antonio Alvarez urged Malacañang yesterday to authorize a group that will conduct "diplomatic exploration" with China to pave the way for joint development of the oil-rich Recto Bank in the West Philippines Sea (South China Sea).

Alvarez said the country needs new sources of cheap oil and at least one major Philippine firm – Forum Energy, a consortium led by businessmen Manuel Pangilinan and Enrique Razon – has expressed willingness to partner with the China National Offshore Oil Corp. in exploring Recto Bank.

"If it were up to Chinese and Filipino private firms, the joint oil exploration is a cinch, but for them to agree on the terms, a different kind of exploration, the diplomatic kind, must be pursued on the government side," he said.

The lawmaker urged Malacañang to give the "green light such as reaching out by Filipino government officials to their Chinese counterparts on how the two nations can cooperate in developing Recto Bank."

Recto Bank contains potential reserves of 3.4 trillion cubic feet of gas and 440 million barrels of oil.

Alvarez cited Chinese Ambassador Ma Keqing's call for both countries to push ahead with a plan to explore oil and gas in the area.


Pangilinan's Philex Mining and Razon's Monte Oro Resources and Energy are joint holders of Service Contract No. 72, the state-granted exploration franchise covering 80,000 hectares in Recto Bank, which lies within the 330-kilometer exclusive economic zone (EEZ) under the Philippine Archipelagic Baselines Law.

"It is time for public statements of our leaders to be translated into official diplomatic directives," Alvarez said, but clarified that the marching orders "must be issued quietly because the last thing we need now is to conduct talks through the media and by press releases."

[mcmather] 14/1/2013 12:59

Just topped up at 83p despite the spread shown.

[34simon] 14/1/2013 09:13

85p mid price here to buy this morning, lots of old favourites having spikes
so when does Fep have their turn ?

[sportbilly1976] 14/1/2013 09:10

PXP back up this morning

[unionhall] 13/1/2013 22:09

President Aquino is open to the idea of a Chinese company joining an oil and gas exploration in Recto Bank in the West Philippine Sea (South China Sea) but says it has to comply with Philippine laws.
The prospective partner, China National Offshore Oil Corp. or CNOOC, has to recognize that Recto Bank is part of Philippine territory, the President said.
"We're talking about Recto Bank here. We can't split Recto Bank with them. Recto Bank is ours. If they want to join, why not? We're open to investors but they should comply with our laws," Mr. Aquino said in Thursday's dialogue with Radio Mindanao Network reporters.
"We believe in our own laws, that there should be dispute resolution. It should be clear that [what] we're getting into is ours and we will respect what is theirs," he added.
Ma Keqing, the Chinese ambassador to the Philippines, said both countries should push ahead with a plan to explore oil and gas in Recto Bank, which contained potential reserves of 3.4 trillion cubic feet of gas and 440 million barrels of oil.
The first step, she said, was for both countries to clear CNOOC and the Forum Energy-led consortium of businessmen Manuel V. Pangilinan and Enrique Razon to sign an agreement to confirm and maximize the potential minerals in Recto Bank, off the coast of Palawan province.
The joint cooperation would be the best way for both countries, she said.

[34simon] 10/1/2013 13:31

5k buys seem so rare thesedays so good to see one at 90.14p

[34simon] 10/1/2013 11:18

Up, still 88p to buy which is now mid price.

[earnestwipplethwaiteiii] 09/1/2013 23:06

Unless the Philippines has moved to just off the coast of Europe, you're right.

[34simon] 09/1/2013 22:50

Just have, take it the price moves overnight on PXP ?