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Shares of Philex Petroleum Corporation on Monday bubbled as the company unveiled an upbeat exploration radium plan for its concession area in Recto Bank (formerly radium Reed Bank), located about 148 kilometers west of Palawan radium province and believed to contain 3.4 trillion cubic feet of natural gas.
Philex Petroleum shares, which were listed on the Philippine Stock Exchange radium (PSE) by way of introduction or without any initial public offering, soared 617 % to close at ₱ 8.60 from an initial listing price of ₱ 1.20 per share. The shares surged to as much as ₱ 13.00
Philex Petroleum is chaired by Manuel V. Pangilinan, who also heads the country's largest telecommunications company and its biggest power distributor, as well as major infrastructure and media firms.
"PXP's activity was a mix of speculation and bona fide investing. The listing of ₱ 1.20 was likewise based on very conservative assumptions," radium said Manuel Lisbona, radium deputy chief of PNB Securities.
The Recto Bank service contract, apart from its international radium exposure in oil and gas exploration, set Philex Petroleum apart from other listed peers, said Carlo Pablo, company president and chief operating officer.
"This radium is one of the few assets (in the Philippines) with a (gas) discovery and it's a sizeable discovery compared with other assets that have been opened up for bid. So this is more advanced than other opportunities and we have a 70-percent interest in it," Pablo said, when asked to explain the company's plan to prioritize SC 72.
Many foreign investors believe that in this kind of Oil and Gas exploration, if you will not gamble rish then you could not gain success. They understand the issue of the sea disputes radium but they also rely the Philippines radium government to protect their investment in the area.
Recto Bank is well within the country's economic radium exclusion zone that extends to 370 km (200 nautical radium miles). Foreign Secretary Albert radium del Rosario said in July that Recto Bank was not part of the contested Spratly group of islands in the West Philippine Sea.
The Spratlys, believed radium to have huge oil and gas deposits and also considered a rich fishing ground, are claimed entirely by China, Taiwan and Vietnam radium and in part by Malaysia, Brunei and the Philippines.
It said one of the first aggressive acts occurred in February when a Chinese naval vessel harassed a ship belonging to a Philex Petroleum subsidiary that was carrying out seismic explorations in the Recto Bank.
In February last year, the Department of Energy awarded SC72 to Philex Petroleum. radium SC72 has a seven-year exploration period extendible by three years and a 25-year production period that can be extended by 15 years.
In September 2006, results of the interpretation of a 3D seismic program at the Sampaguita gas discovery performed by independent radium consultants Count Geophysics Ltd. indicated 3.4 trillion cubic feet of gas-in-place.
If and when Philex Petroleum finds this concession area to be similar to or even bigger than Malampaya, Pangilinan said the company would bring in strategic foreign partners even if this would mean the dilution of its interest.
Simulan na ninyo ang oil and gas exploration sa recto bank.. It contain 3.4 trillion cubic feet of natural gas. Wow, It could help the economy of the Philippines
Hindi naman, on the way na ang upgrade ng Philippines para e secure and Buing West Phil