MANILA, Philippines - Philex Petroleum Corp., an oil exploration firm controlled by the group of businessman Manuel V. Pangilinan, reported a first quarter net income of P25.7 million, a marked improvement from the net loss of P24.5 million in the same period last year. In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Philex attributed the higher income to increased petroleum revenues of Forum Energy Plc in Service Contract 14C1 at the Galoc field in Northwest Palawan.
However, this was partly offset by the increase in general and administrative expenses related to the consolidation of Pitkin Petroleum Plc.
In its disclosure, Philex Petroleum said that it has completed the acquisition of 2,235 line-kilometers of 2D seismic data in SC 75, also in Northwest Palawan.
The processing and interpretation of the 2D seismic data and the gravity and magnetic data is currently ongoing and is expected to be completed in the first quarter of 2015, the company also said.
Philex Petroleum has a 50-percent operating interest in SC 75.
Philex’ wholly-owned subsidiary, Brixton, meanwhile, has finalized agreements for the assignment of coal operating contract (CoC) 130 in Zamboanga Sibugay to Grace Coal Mining and Development.
The mines were closed in September 2013 following suspension of operations in January 2013 because of low coal prices.
The assignment is subject to the approval of the Department of Energy.
Philex Petroleum has businesses in and outside the Philippines as it directly and indirectly owns oil and gas exploration and production assets located in the country and indirectly owns exploration assets located in Peru.