Philex Petroleum to handle energy assets of Philex Mining Corp

MANILA, Philippines - Publicly-listed Philex Mining Corp. has tapped its wholly-owned subsidiary Philex Petroleum Corp. to handle all the group’s energy assets.

In a disclosure to the Philippine Stock Exchange (PSE), Philex president and COO Jose Ernesto Villaluna Jr. said the transfer of the assets is consistent with reorganization of the company.

“This is pursuant to an internal reorganization whereby all of the company’s energy assets are to be held through Philex Petroleum,” he pointed out.

Philex said the assets that would be included in the transfer are the company’s shares of stock, representing 15.75 percent of Pitkin Petroleum Corp., a public limited company organized under the laws of the United Kingdom. Pitkin is involved in oil and gas exploration and production and has interests in Vietnam, Peru, Philippines and the US.

The company said shares of stock, representing 51.24 pecent of FEC Resources Inc., a Canadian corporation which holds 25.63 percent of Forum Energy Plc, a UK company listed on the Alternative Investment Market of the London Stock Exchange, will also be covered in the transfer.

“This is in addition to the 38.82 percent that Philex Petroleum directly holds in FEP (Forum Energy), which has a 70 percent interest in Service Contract 72 covering the Sampaguita gas fields in northwest Palawan,” Villaluna said.

Aside from these shares, Philex will also transfer 100 percent of Brixton Energy & Mining Corp., a local coal mining company that holds Coal Operating Contract 130 covering areas located in Diplahan and Buug in the province of Zamboanga Sibugay.

Philex said it has also been given approval by the Department of Energy (DOE) to transfer the company’s interests in SC 41 (South Sulu Sea), 2.264 percent; SC 6 (Cadlao block), 1.65 percent and SC 6 A (Octon block), 5.6 percent to Philex Petroleum. 

Formed in 1955, Philex is primarily engaged in mining activities. It has operated the Sto. Tomas II deposit at Padcal, Tuba, Benguet province for over 50 years.

Philex’s mining activities produces copper concentrates containing copper, gold and silver which are transported and smelted in Kyushu Island, Japan.