Philex Q1 swings to profit

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Philex Petroleum Corp. (Philex Petroleum) has reported a consolidated net income of P25.7 million for the three months ending March 31, 2014, reversing a consolidated net loss of P24.5 million from a year earlier.

Philex saw higher petroleum revenues from its United Kingdom-based subsidiary through its service contract in North West Palawan Basin, the company led by businessman Manny Pangilinan said in a filing with the Philippine Stock Exchange.

In the financial report, Philex Petroleum mentioned higher petroleum revenue generated by Forum Energy Plc. in Service Contract (SC) 14C1 Galoc, which was partly offset by the increase in general and administrative expenses related to the consolidation of Pitkin Petroleum Plc.

Philex Petroleum has a stake in Pitkin, which is a UK-registered upstream oil and gas firm.

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In terms of revenue, Philex Petroleum closed the three-month period with P101.7 million, compared with the P47.5 million generated in the same period in 2013.

Of the overall revenue in the first quarter of this year, P99.01 million came from the company’s petroleum portfolio, while the P2.7 million came from coal. Both businesses registered improvement.

Philex Petroleum also completed its acquisition of a 2,235 line-kilometer of 2D seismic data in Service Contract 75 NW Palawan.

Philex Petroleum has a 50 percent operating interest in SC 75 NW Palawan.

“The processing and interpretation of the 2D seismic data and the gravity and magnetic data are currently ongoing and are expected to be completed in the first quarter of 2015,” Philex Petroleum told the stock exchange.

Another wholly owned subsidiary of Philex Petroleum, Brixton Energy, on the other hand, has finalized agreements for the assignment of Coal Operating Contract 130 (COC 130) in Zamboanga Sibugay to Grace Coal Mining and Development on January 7, 2014.

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