Philex Petroleum Corp., a 51 percent-owned unit of Philex Mining Corp., has completed the purchase of an additional 19.73 percent of UK-based Forum Energy Plc.
In a disclosure to the Philippine Stock Exchange, Philex said its subsidiary purchased 5.935 million Forum Energy shares, at a price of 48 pence per share or for a total of £2.85 million. The acquisition brings to 61.46 percent Philex Petroleum’s total shareholdings in Forum Energy.
Forum Energy, through its 70 percent-owned subsidiary, Forum GSEC 101, holds Geophysical Survey and Exploration Contract 101 over the Sampaguita natural gas discovery in the northwest coast of Palawan. It has a pending application with the Department of Energy to convert this geophysical survey and exploration contract into a service contract, after which further exploration of the Sampaguita property can be initiated.
Philex said the acquisition of the additional interest in Forum Energy further enhances the oil portfolio of the group.
FEC Resources, a 50.7-percent-owned Canadian subsidiary of Philex Mining, listed in the Nasdaq OTC Bulletin Board and in the Frankfurt and Munich Stock Exchange, holds a 28.42 percent interest in Forum Energy.
Philex, the county’s biggest miner of gold and copper by market value, is setting aside P1.5 billion for its exploration activities and other capital requirements this year.
Mines under exploration include those in Padcal, Negros, Surigao, Zamboanga and Madagascar. — Zinnia dela Peña