[Archcavalier]

Wow it just shoot up to 22 in just 3 days... it was around 11ish last week...

last time I check, I just gained 121%...

I wonder why? 

[vicces]

Why? Check the latest post at the Philex thread.

Bought this @10 early this year, some months after, sold it at 13 and transferred funds to PNX. Wrong move, again.

[rds]

Kaya hinatak din yung price ng PX, although it's just around ~10% within 2 days. Pero bakit mas malaki ang tinaas ng PXP?

[vicces]

^siguro kasi PXP ang mas magbebenefit or sa kanya may direct effect yung news sa recto bank (gas and petroleum resources). Palagay ko lang.

[Archcavalier]

even my OV went up... but the rise started Monday...

The news was just came up I believed today...

I was planning on buying more shared for pxp last week but I was still waiting for another company to dip even more...

Should have stick with my philosophy...
Post Merge: Apr 26, 2012, 10:51 AMThis is ridiculous its up by 200 something percent. 

What I lack was only money... If I had such amount I would have gotten a more larger share... I should have a minimum of 10,000 shares per company...

[vgal0579]

Philex open to tie-up with any group for Recto Bank

MANILA, Philippines - Philex Petroleum Corp., which controls London-listed Forum Energy Plc., is open to partnering with anyone that can help exploit the potential resources of the Recto Bank, which lies near the disputed Spratly Islands.

“We’re open to anyone that can help us develop the gas field,” said Manuel V. Pangilinan, chairman of Philex Petroleum, as he underscored the need to accelerate oil exploration activities in the Sampaguita gas field or Service Contract 72.

Forum (through its 100-percent interest in Forum Philippine Holdings Ltd. and Forum (GSEC101) Ltd.) holds a 70-percent equity in the SC 72 licence, which covers an area of 8,800 square kilometers. Philex Mining Corp. (through its interests in FEC Resources Inc. and Philex Petroleum Corp.) controls 64.45 percent of Forum.

Pangilinan was earlier criticized for considering a possible partnership with Chinese offshore oil producer CNOOC to develop the Sampaguita gas discovery in the disputed waters amid the tension with China, which has warned the Philippines not to underestimate its capability in defending its sovereignty and territorial integrity with respect to the South China Sea.

China maintains that the waters around the island have been a traditional Chinese fishery.

The Philippines, on the other hand, insists that the Scarborough Shoal is within its 200-nautical mile exclusive economic zone (EEZ) based on the UN Convention on the Laws of the Sea (UNCLOS).

The dispute over the island intensified in April when a Philippine coast guard ship and two Chinese maritime surveillance vessels faced off near the Spratly Island, which is believed to contain huge oil and gas deposits.

Pangilinan emphasized that Philex Petroleum needs to hook up with a foreign company, which has the expertise and the money to speed up the development of the Sampaguita gas field.

Last month, Forum Energy revealed that the latest seismic survey on its offshore prospects in the Recto Bank showed the prospective resources could reach as high as 16.612 trillion cubic feet for natural gas and 416 million barrels for oil. The area is now believed to have 3.4 trillion cubic feet of gas and potentially 440 million barrels of oil - said to be bigger than the existing Malampaya gas field off Palawan.

Forum Energy is hopeful the increase in the amount of resources will win support of its shareholders for a plan to drill within the year a well in the Sampaguita gas field, which is expected to cost around $75 million.

Philex earlier provided a financing facility worth $10 million that enabled Forum to progress the development of Service Contract 72.

Pangilinan said the group is sticking with its work program with the government. “The sooner we start, the better,” he said.

The second phase of the SC 72 drilling will start before June.

Energy Secretary Jose Rene Almendras earlier said resources in the Recto Bank could last for about 100 years. - Z Dela Pena

[vgal0579]

Recommendation: Cautious Buy

LOCAL BROKERAGE A&A Securities, Inc. has placed a “cautious buy” tag on shares in Philex Petroleum Corp., amid a plan to drill for oil in disputed waters.

“The trading performance of PXP remains good and its shares have managed to maintain their uptrend despite news [the company] has begun making preparations to start drilling near the disputed Reed Bank,” said trader Jeng T. Calma.

The Pangilinan-led firm has started canvassing for drill rigs to begin exploratory drilling, which is part of a service contract with the government. Reed Bank is also being claimed by China.

For those who want to include PXP in their portfolios, the analyst said a good entry-point would be at P27 apiece, the stock’s support. PXP shares closed at P31.30 last Friday, P0.45 and 1.46% higher than the previous close. Ms. Calma pegged the stock’s resistance at P35 per share. Philex Petroleum is selling at a price-to-earnings ratio of 25.07 times. — Luis Nonito Q. Pasuelo

[vgal0579]

Philex cautious over Reed Bank talks

PHILEX PETROLEUM Corp. may reconsider a partnership with a Chinese firm for oil exploration at the Reed Bank amid the ongoing territorial dispute between China and the Philippines, a ranking official said yesterday.

Manuel V. Pangilinan, Philex Petroleum chairman, said the firm is prepared to drop the planned tie up if the two governments involved cannot resolve the sovereignty issue.

“We will not impinge on the sovereignty of the government. We are not pushing the case recklessly,” he told reporters on the sidelines of the firm’s annual stockholders’ meeting.

Philex Petroleum owns 60% of Forum Energy Plc., the company in charge of the survey of the Reed Bank area as part of service contract 72.

Philex Petroleum had said that it is in discussion with China National Offshore Oil Corp. (CNOOC) for a potential partnership for the exploration and development of the Reed Bank prospect.

CNOOC is China’s biggest offshore oil and gas producer, earlier reports show.

“We’re finalizing the terms to ensure that the inputs are acceptable to our government,” Mr. Pangilinan said.

“We still have to iron out many details about the [partnership]... but there are two cardinal points we’re taking seriously in the course of our drafting of our inputs: the legal and commercial terms,” he said.

“The government has made this very clear to us, and we have assured them that we will comply with this. Any arrangement must conform to the local law, first and foremost,” he said.

Mr. Pangilinan also added that the commercial terms of the possible joint venture must also be deemed acceptable to Philex.

“Of course, we have to think about our business as well,” he said.

Service contract 72, which covers an area of 8,800 square kilometers west of Palawan, is estimated to have a prospective gas potential of 8.79 trillion cubic feet and 220 million barrels of oil.

It has a contingent reserve of 2.6 trillion cubic feet of gas and 65 million barrels of oil. -- Bettina Faye V. Roc

[pmtmember]

MANILA, Philippines – In a sign of friendship and goodwill, Philippine defense and military officials shared the same stage together with officials from the Chinese Embassy in Manila, with both sides expressing confidence that the ongoing territorial dispute will be resolved peacefully.

Philippine Defense Secretary Voltaire Gazmin and Armed Forces of the Philippines Chief of Staff Jessie Dellosa led government officials who attended the reception hosted by the Chinese Embassy Tuesday night to mark the 85th anniversary of the founding of the People’s Liberation Army of China.

In his speech, Chinese Defense and Armed Forces Attaché Senior Colonel Chen Fangming expressed confidence that the Philippines and China will reach a peaceful settlement to resolve the territorial dispute over Scarborough Shoal (Huangyan Island to the Chinese; Panatag Shoal to the Philippines) if both sides continue to make a “frank dialogue.”

He cited the “consensus” reached by Chinese Defense Minister General Liang Guanglie and Secretary Gazmin regarding Scarborough Shoal and the South China Sea when they met in Cambodia last May.

“They reached three consensus: each side should restrain words and actions, avoid potential escalation of the issue; maintain the door open for communication and seek good solutions. I am confident that if we try our best to make frank dialogue rather than monologue, we could find good solutions to disputes and resume our friendly relations,” Chen said.

http://www.abs-cbnnews.com/nation/07/31/12/china-vows-peaceful-solution-scarborough-dispute

[vgal0579]

Recommendation: Hold

FIRST METRO Securities and Brokerage Corp. is advising investors to hold shares in Philex Petroleum Corp. amid the expected rebound in the firm’s second-half earnings.

“Resumption of [production in the] Galoc oil field should provide higher revenues in the [second] half, but volatility in oil prices remains a risk factor,” said research analyst Ghia Paula L. Yuson.

Production of oil at the Galoc field was postponed from November 2011 to April 2012, resulting in a net loss of P80.49 million in the first six months of the year.

Technical indicators “show something similar to a “head-and-shoulders” pattern which is bearish,” Ms. Yuson said. The head and shoulders pattern indicates a stock is likely to move against its previous trend. The support level where the stock will likely rise to create the next peak is called the neckline.

Ms. Yuson pegged the stock’s support and neckline at P35.50 per share, and resistance at P40.

PXP shares closed at P38 apiece last Friday, down from Thursday’s P38.50 apiece. — Carmina Angelica C. Valeroso

[pmtmember]

It seems that PXP likes to rest within the 23.6% Fibonacci Retracement level before goin up. Now that its price is consolidating on the same level, are we going to see a repeat of its previous rallies?

The second time it went up was because of the news about the oil discovery. What will be the next news that will pump the price up? Oil is now at 90 level. What will happen if it will reach 100? Will that make PXP's price go higher?

Caveat as always!

PXP is taking a rest

[pmtmember]

As days pass by PXP is going down little by little and is now near the 38.2% support level. Without any news, don't expect this one to go up soon. Unless someone will play on this stock. Unlike the previous sideways movement which stays at 23.6% Fibonacci Retracement level before go up, this time after the sideways it went down. Not a good sign. Caveat!


PHILEX PETROLEUM CORPORATION

[pmtmember]

Its a slow bounce from the support line for PXP. Last time we check it was slowly going down the support line. But can it sustain staying at the top of the support line or this will be our last chance to go out? Candlestick today doesn't say a lot about its bullishness. Just be careful.

More bears than bulls

[timetrekker]

MANILA, Philippines — The renamed West Philippine Sea is limited to the area covered by the country’s exclusive economic zone.
 
This was stressed on Friday by Malacañang as it said China should not to take offense on the Philippines’ move to rename part of the South China Sea as the West Philippine Sea.
 
Presidential Spokesperson Edwin Lacierda, in a press briefing, said the Chinese Foreign Ministry must have been “misinformed.”
 
“Maybe their impression was we’re naming the entire South China Sea as the West Philippine Sea. They may be misinformed so we’re just clarifying,” Lacierda said.
 
“We’ve made it very, very clear: we are not naming the entire South China Sea as the West Philippine Sea,” he said.
 
“What we are naming is only the exclusive economic zone and I think China should not take offense of that,” Lacierda added.
 
Reports bared that that the Chinese Foreign Ministry had said that renaming the South China Sea as the West Philippine Sea “would only humiliate the Philippine government and turn it into a laughing stock in the international community,” adding that “the Philippine government has blatantly violated the basic principles and spirit of the Declaration of the Conduct of Parties in the South China Sea (DOC).”
 
President Aquino signed Administrative Order (AO) no. 29 on Sept. 5, 2012, renaming the EEZ as the West Philippine Sea, particularly the maritime areas within the western side of the Philippine archipelago, including the Luzon Sea as well as the waters around, within, and adjacent to the Kalayaan island group and the Panatag Shoal.
 
The AO also tasked the National Mapping and Resource Information Authority (NAMRIA) to produce and publish Philippine charts and maps reflecting the West Philippine Sea while the Department of Foreign Affairs (DFA) and other concerned government agencies will be submitting a copy enclosing the map that now includes the West Philippine Sea to the United Nations (UN) Secretary General and notify international organizations.

[pmtmember]

Looks like PXP will try to test how strong the support at 61.8% Fibonacci Retracement level. The previous level was broken easily and after 4 days staying at that level now it is heading for the next major support. Are we going to see a closure at the 16-17 gap soon?

Caveat!

PHILEX PETROLEUM CORPORATION