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By Likha Cuevas-Miel, Reporter
Philex Mining Corp. announced on Monday that its
wholly owned unit bought a stake in Petroenergy Resources Corp. (PERC)
in a move to increase its investment in oil exploration and
production.
In its disclosure to the Philippine Stock
Exchange, Philex Petroleum Corp., a subsidiary of Philex Mining,
acquired 19.85 percent of PERC, a publicly listed company engaged in
oil exploration and technical services to firms exploring oil in the
Philippines.
For the first nine months last year, PERC’s
profits dipped by 38.2 percent to $0.329 million or $0.0024 earnings
per share due to the increase in depletion cost per barrel as a
result of additional capitalized costs of Avouma well. Total
revenues went down by 7 percent to $1.926 million as the company’s
net share in oil revenue decreased due to decline in cost recovery
account.
Renato Migriño, Philex Mining vice president
for finance, told The Manila Times in a telephone interview that
this is the second time the petroleum subsidiary bought into another
oil exploration firm. However, he was mum on the purchase price of
the PERC shares and on whether the company has plans to further
increase its holdings in PERC or in other companies.
Last year, Philex Petroleum invested an
additional $3 million in American oil exploration firm Pitkin
Petroleum Corp. by buying 6 million shares or 6.4 percent of the
company. Pitkin is a Texas-based junior exploration company that
currently produces on a small-scale basis in Louisiana. It also has
properties in Vietnam and Peru. The company would start drilling in
the aforementioned Southeast Asian country in 2009 wherein Pitkin,
together with a UK-based partner that has a market capitalization of
$2 billion, carried 40 percent for two wells worth $53 million.
Prior to that, Philex Mining bought 4 million
shares or 4.4 percent of Pitkin Petroleum for $2 million, increasing
Philex group’s combined shareholdings in Pitkin to 10.7 percent.
Among Philex’s petroleum interests are
projects in northwest Palawan and Sulu Sea. Through its wholly owned
unit, Brixton Energy and Mining Corp., Philex is also pursuing
pre-development activities in a coal property in Southern Zamboanga.
Philex Mining has also bought through private
placement about 200 million shares or 46 percent of FEC Resources
Inc. valued at $5 million. FEC Ressources is a Canadian firm that
holds several oil and gas properties through its 20-percent
shreaholdings in Forum Energy Plc. FEC is also the mining firm’s
joint venture partner in Lascogon Mining Corp., through Philex Gold
Philippines Inc., where the oil and gas firm holds 40 percent
equity.
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