Philex Petroleum may invest in near operational oil and gas prospects

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Philex Petroleum Corp. chairman Manuel Pangilinan said the firm might invest in near operational oil and gas prospects.

”We’re prepared to go for that (invest in soon-to-be operational oil and gas prospects). We have to make an investment case to the board, it makes sense for cash flow purposes,” Pangilinan said.

He added there are going to be developments on exploration.

Pangilinan also noted the firm is eyeing to explore one or two blocks, which are located in the disputed territorial area with China.


He further said the company wants to proceed with its project in service contract 72 (SC 72), but could not, with the request of the Department of Foreign Affairs (DFA) to stop activities on site hoping to get a result from the appeal filed to the United Nations.

Last year, Pangilinan said that Forum Energy Plc. plans to conduct a seismic survey on April or May 2015 and the appraisal of drilling on 2016, but was postponed due to the DFA’s request.

Philex Petroleum is an upstream oil and gas firm that now holds 67.19 percent of Forum Energy Plc, after it acquired some shares after the company’s delisting.

Philex Petroleum holds stakes in SC 6A-Cadlao, SC 6A-Octon, SC 75, SC 72, SC 40-North Cebu, SC 14A-Nido, SC 14B-Matinloc, SC 14B1-North Matinloc, SC 14C1-Galoc, SC 14C2-West Linapacan, SC 14-Tara, SC14-Block D, SC6A-Octon and SC 6B-Bonita.

PNA

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