Lfeaccetfusd Discussion Threads

[flyingbull] 29/6/2013 19:33

The July oil stock challenge is still on. Deadline for entries is midnight on Sunday 30 June. Good luck! 
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[xxtsc] 15/6/2013 07:31

Philex Petroleum CEO: Still in Talks With Cnooc on Reed Bank Drilling
June 14, 2013, 7:54 a.m. ET
By Cris Larano


MANILA--Philex Petroleum Corp. (PXP.PH) in still in talks with China National Offshore Oil Corp. (CEO ) for a possible joint development of natural gas prospects in a contested area in the South China Sea, the chairman of the Philippine oil explorer said Friday.

Philex Petroleum is the controlling shareholder of the operator of the natural gas prospects in the Reed Bank.

"We can't proceed without them, that's the reality--unless we can enforce our own right to keep them out. In the end, it depends on" both governments, Manuel Pangilinan told Dow Jones Newswires after the annual meeting of Philippine Long Distance Telephone Co. (TEL.PH). Mr. Pangilinan is also the chairman of PLDT.

The Department of Energy has extended Forum Energy PLC's (FEP.LN) right to drill in the Reed Bank by two years to 2015, so Philex Petroleum and Cnooc still have time to reach an agreement, he said.

Philex Petroleum owns a majority stake in London-based Forum Energy.

In October Philex Petroleum called off a planned survey of a sea floor in the Reed Bank, necessary to determine potential gas reserves, due to concerns over harassment by the Chinese navy as had happened earlier.

After Philex Petroleum made a request last year to the Chinese government to consider the joint exploration, Beijing nominated Cnooc to be the partner for the project.

Mr. Pangilinan said a joint exploration with Cnooc will also require the Philippine government's approval.

Write to Cris Larano at [e-mail]

hxxp://online.wsj.com/article/BT-CO-20130614-704025.html#

[earnestwipplethwaiteiii] 11/6/2013 09:40

Too cheap, perhaps Muggins is buying back at one sixth the price he received.

[ducatiman] 11/6/2013 07:42

My word! A bit of blue!!

[jonno1] 06/6/2013 08:59

Otto Energy starts Galoc drill
By Iris C. Gonzales (The Philippine Star) | Updated June 6, 2013 - 12:00am

MANILA, Philippines - Australian firm Otto Energy has commenced the second phase of drilling at the Galoc oil field in Northwest Palawan, the company said in a disclosure to the Australian Securities Exchange.

Otto Energy, which has mobilized the semi-sub-submersible drilling rig Ocean Patriot from Singapore said drilling is expected to take about 115 days including the flowing of the wells for cleanup.

The Galoc-5H and Galoc-6H will drillings are part of the Galoc Phase 2 development approved by the drilling consortium last year. The consortium expects first oil to flow in the fourth quarter of 2014.

Early this month, Otto Energy announced the entry of Kuwait Foreign Petroleum Exploration Co. (Kufpec) as partner in the Galoc project.

Otto Energy, which holds a 33-percent working interest in the project, said Kufpec assumed control of 26.84473 percent working interest in the joint venture project following its acquisition of Risco Energy Pte Ltd., the parent firm of Galoc Production Co.

The Galoc field consortium is eyeing first oil to flow from the drilling of two additional wells in Northwest Palawan by the first half, bringing total daily production to about 12,000 barrels per day.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Total investment cost for the Galoc Phase 2 project is $188 million of which Otto's share is $62 million representing its 33-percent interest.

The Phase 2 development, which has the support of the joint venture, will require the drilling of two subsea wells, tied back to the existing floating production, storage and offloading facility.

Other partners in the project are Nido Production Ltd., Oriental Petroleum & Minerals Corp., Linapacan Oil Gas & Power Corp., the Philodrill Corp. and Forum Energy Philippines.

[dr knowledge] 05/6/2013 15:14

Staggering fall, at least it looks like drip feed sales based on the volume. ;-)

[sideshowbull] 05/6/2013 06:50

PXP getting hammered daily now!

[flyingbull] 31/5/2013 16:37

The June oil stock competition is now on.....deadline for entries is midnight on Sunday 2 June. Good luck! fb

[harrysbank] 23/5/2013 15:13

Forum Energy Plc

('Forum Energy' or the 'Company')

Notice of AGM

The Company confirms that its Annual General Meeting will be held on 21 June 2013 in Room 607, 6th Floor Ramon Cojuangco Building, Makati Avenue, Makati City, Philippines and by video conference link from the offices of Osborne Clarke, One London Wall, London, EC2Y 5EB. The time of the meeting will be 5pm in Manila, which will be 10am in London.

Copies of the Company's 2012 Annual Report and Accounts together with a Notice of Annual General Meeting are being posted to shareholders today, and will be able to be downloaded from the Company's website shortly.

[xxtsc] 22/5/2013 16:09

Philex still keen on teaming up with China firm for SC 72
MVP hopeful talks will lead to something positive
By Miguel R. Camus
Philippine Daily Inquirer
9:15 pm | Wednesday, May 22nd, 2013

The group of Manuel V. Pangilinan is continuing talks with China National Offshore Oil Corp. (Cnooc) for a potential partnership at a massive but disputed oil and gas find in offshore Palawan.

Nonetheless, both parties have yet to move forward with their talks, which Pangilinan described as still in the preliminary stage given the geopolitical situation in the area.

Pangilinan chairs Philex Petroleum Corp., which is the controlling shareholder of Forum Energy Plc. Forum Energy's principal asset is Service Contract 72 Reed Bank, which contains the Sampaguita gas discovery.

"There are still ongoing discussions with Cnooc with respect to SC 72 but these are still preliminary and exploratory," Pangilinan said at the sidelines of the stockholders meeting of Philex Petroleum this week. "We are hopeful talks will lead to something positive."

Pangilinan added that his group was not in partnership discussion with any other party at this time.

SC 72 falls within the area of the South China Sea which is being claimed by China as part of its territory. Forum Energy was set to start its exploratory drilling program but sovereign claims by China and the Philippines have so far been a major stumbling block to this process.

Forum Energy eventually sought and obtained a two-year extension from the Department of Energy in the target implementation of the second exploration sub-phase of SC72 to August 2015.

Given uncertainties at SC72, Philex Petroleum is turning its attention to new petroleum blocks in offshore Palawan, designated respectively as area 4 and area 5. Pangilinan, however, clarified that the company had yet to be officially awarded the right to explore and develop the areas.

[jonno1] 21/5/2013 16:57

Interview with Aquino discusses China at 12 minutes in

[spaceparallax] 17/5/2013 08:27

Time will tell

[earnestwipplethwaiteiii] 17/5/2013 07:15

ssb - on balance I'd say no. PXP clearly overshot on the upside due to market euphoria about the general Filipino economy, euphoria we conspicuously do not have in explorers on AIM at the moment. Now it will likely overshoot on the downside. However, with the SCS situation looking ever murkier and further from resolution, it would be a bold man who expects development at Sampaguita to proceed any time soon. Effectively then, in the short and medium term an investment in FEP is an investment in its working and other assets, with in my opinion a very outside chance of a breakthrough in its major asset.

[sideshowbull] 17/5/2013 06:54

PXP chart not looking good- will FEP follow?

[jonno1] 14/5/2013 10:55

Taiwan May Send Warships, F-16s To Escalate Philippine Naval Confrontation
Submitted by Tyler Durden on 05/13/2013 - 23:40


While most consider the Middle-East a hot-bed of geopolitical risk (prone to flare at any moment), it seems hot money flows and territorial disputes are rapidly turning the South China Sea into a powder-keg. As Japan vs China is off the front pages for a moment (and US and South Korea engage in joint naval exercises) it seems Taiwan and the Philippines are escalating rapidly following the death of a Taiwanese fisherman last week after Filipino military fired on his vessel in supposedly disputed territory between Taipei and Manila. The situation is evolving rapidly as the Philippines' un-apology (though they sent their condolences) may prompt Taiwan to send F-16 fighters, Kidd-class destroyers, and three or more warships, according to The Liberty Times. The threat of escalation is premised on a formal apology coming within 72 hours. As Stratfor notes, Taiwan's territorial 'claims' are "outrageously ambitious" but the various island nations all appear set on rattling sabres as mainland China stiffens its resolve against Japan over the Senkakus. Given the movements of the Navy (below), it would seem the US is well aware of where tensions are starting to rise...

[sideshowbull] 14/5/2013 06:21

PXP busted straight through the long term support trend down 10%

[sideshowbull] 10/5/2013 12:56

For gawds sake - who keeps buying! I have 40p limit order

[jonno1] 12/4/2013 16:45

interesting perhaps where that money may go?

First Pacific raises $400 M in bond offering
By Doris C. Dumlao
Philippine Daily Inquirer
1:39 pm | Friday, April 12th, 2013

Manuel V. Pangilinan. INQUIRER FILE PHOTO

MANILA, Philippines-A unit of Hong Kong-based First Pacific Co. Ltd. led by Manuel V. Pangilinan has raised $400 million through the group's maiden 10-year international bond offering.

The bonds will be issued by First Pacific's subsidiary FPC Treasury Ltd. and unconditionally and irrevocably guaranteed by First Pacific, a Southeast Asian-focused holding firm with principal business interests relating to telecommunications through Philippine Long Distance Co., infrastructure through Metro Pacific Investments Co., consumer food products through IndoFood Sukses Makmur Tbk of Indonesia, and resources through Philex Mining Corp.

The offering represents First Pacific's first 10-year unsecured bond and was warmly received by the market. A final orderbook of over $3 billion was achieved from 160 "high- quality" accounts, equivalent to an oversubscription by more than 7.5 times, allowing First Pacific to upsize the bond offering from its initial target of $300 million, HSBC said in a statement.

HSBC and Mizuho acted as joint lead managers and joint bookrunners in this transaction.

"Despite competing supply and the risk of geopolitical instability arising, the execution of the transaction was done intraday, thereby minimizing First Pacific's exposure to market risk," said Wick Veloso, president and chief executive officer of HSBC Philippines. "On behalf of HSBC, we congratulate First Pacific and its management team led by Manny Pangilinan on this important undertaking."

HSBC reported that the transaction had seen strong momentum early on in execution, citing strong indications interest from both onshore and international Asian investors as well as interest from European accounts. The books were covered within an hour of announcement of the initial price guidance

"First Pacific was able to aggressively revise its price guidance to eventually price through its curve at 4.5 percent, representing the lowest coupon achieved by First Pacific to date on the back of the strong orderbook momentum," HSBC said.