.........Rebound bei FEC Resources......oder kommen die Chinesen !?!? (Seite 65)
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11.05.12 300.000 11.100,00 €
Seit langer Zeit mal ein Umsatz in Frankfurt!
Published May 17, 2012
Dow Jones Newswires
MANILA – Philex Petroleum Corp. (PXP.PH) executives said Thursday that state-owned China National Offshore Oil Corp. could be a viable partner for the Sampaguita natural gas oil field in the Reed Bank, an area in southern Philippines that is disputed by China.
Philex Petroleum chairman Manuel Pangilinan, who met with Cnooc Group earlier this month in China, told reporters that the Chinese company has the financial capability and technical expertise to become an investment partner.
Nevertheless, no further talks have been scheduled with Cnooc officials, Pangilinan said.
Philex Petroleum may have to look for a foreign partner once the exploration stage has been completed, he said, adding that the company is talking with other potential partners.
Development costs at the Sampaguita oil field could reach at least $4 billion, said the company's president, Carlo Pablo.
The latest estimate suggests that the natural gas deposit in the Sampaguita prospects could be triple the 2.7 trillion cubic feet reserve of Malampaya, the country's largest natural gas field, which cost $2 billion to develop.
2 Appraisal Wells Next Year
May 18, 2012, 11:26pm
MANILA, Philippines (AFP) - Philex Petroleum Corp. (PPC), a subsidiary of Philex Mining, said it would start drilling next year at a “potentially massive” natural gas field at a reef in the South China Sea also claimed by China.
The drilling of ''two appraisal wells'' at Reed Bank will be carried out by August, 2013, said Philex Petroleum chairman Manuel Pangilinan.
''We need to do a lot before we know the amount of resources beneath those waters,'' he told stockholders.
His comments come amid high tension with China over territorial disputes in the South China Sea, with Manila and Beijing locked in a standoff over the Scarborough Shoal.
Philex Petroleum said last month the field at Reed Bank could hold 4.66 trillion cubic feet (TCF) of gas, nearly twice as much as the Philippines' largest known deposits.
China claims almost all of the South China Sea, including the Reed Bank, which is about 148 kilometers (92 miles) off the Philippine island of Palawan and which the Philippines claims as its territory.
Last year the Philippines accused Chinese vessels of harassing an exploration vessel off Reed Bank, and Manila has repeatedly accused China of aggressive actions in disputed waters.
Pangilinan also said he met with officials of China National Offshore Oil Corporation (CNOOC) in Beijing recently to discuss their offer to jointly develop the Reed Bank field.
But he said that other big companies had also approached Philex, adding that his firm would need the help of a major oil company as a partner to develop the Reed Bank.
''A gas field will need major expenditures and the help of international oil firms that have the technical capability and financial resource,'' he said.
Asked if having CNOOC as a partner might assuage the Chinese, he said: ''I'm assuming the political aspects would recede in the background.''
However, he would not speculate on what would happen if Philex chose another partner.
''If gunboats appear on the horizon, there is nothing we can do,'' he added.
For over a month, Philippine and Chinese ships have been engaged in a standoff to press their conflicting claims to the Scarborough Shoal, which is more than 400 kilometers to the north of Reed Bank.
By Neil Jerome Morales (The Philippine Star) Updated May 18, 2012 12:00 AM Comments (1) View comments
Manila, Philippines - Pangilinan-led Philex Petroleum said state-run China National Offshore Oil Corp. (CNOOC) is financially and technically viable partner in the potentially resource-rich Recto Bank.
Philex Petroleum the oil exploration unit of top gold producer Philex Mining Corp., held meetings with CNOOC in Beijing last month, its top executive said yesterday.
“What we want to satisfy ourselves is their interest in Service Contract 72 and they expressed their interest,” said Manuel V. Pangilinan, Philex Petroleum chairman.
“And of course their financial and technical capability and from the looks of it, they do have the resources available,” he said.
Officials of Philex Petroleum and CNOOC met three weeks ago in Beijing, a meeting Pangilinan described as “cordial and “productive.”
Last week, Philex Petroleum announced it is open to partnering with anyone that can help exploit the potential resources of Recto Bank, which lies near the disputed Spratly Islands.
Its subsidiary, London-based Forum Energy Plc, through its 100-percent interest in Forum Philippine Holdings Ltd. and Forum Ltd., holds a 70-percent equity in SC 72.
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.
Pangilinan said CNOOC is one of the largest companies in China, with revenues and profits reaching 250 billion renminbi and 67 billion renminbi, respectively, last year.
Pangilinan said the company is open to conducting more discussions with CNOOC.
However, Philex Petroleum has yet to firm up a farm-in deal with any potential partner.
Pangilinan said a number of non-Chinese firms have approached management for a partnership.
“Typically a gas field will need a major expenditure and the help of international oil firms that have the technical capability and the financial resource to develop a field of some size,” Pangilinan said.
SC 72 covers an area of 8,800 square kilometers.
“It is important, if not critical for us, to partner with one or more than one international oil companies. We cannot do this on our own,” Pangilinan said.
Philex Petroleum, which listed in the local bourse by way of introduction in September, wants to plans to drill two appraisal wells in the Sampaguita gas field until August 2013 that needs an investment of $75 million.
China maintains that the waters around the island have been a traditional Chinese fishery.
The Philippines, on the other hand, insists that the Panatag (Scarborough) Shoal is within its 200-nautical mile exclusive economic zone based on the UN Convention on the Laws of the Sea.
FORUM ENERGY PLC
("Forum" or the "Company")
Increase in loan facility from Philex Mining Corporation
The Board of Forum is pleased to announce that Forum Philippines Holdings Limited, a wholly-owned subsidiary of the Company, has today agreed an increase in its existing loan facility agreement with Philex Mining Corporation (the "Facility").
The Facility has been increased from US$10 million to US$15 million. The Facility is unchanged otherwise from the original three year Facility which was announced on 24 November 2010, and which has now been drawn down in full. The repayment date for all amounts drawn under the Facility will therefore remain as 24 November 2013, and funds will continue to be borrowed at an interest rate of LIBOR + 4.5%. The Company also remains as the guarantor under the Facility.
The increase in the Facility will assist in funding Forum's working capital requirements, in particular in the planning stages of the second sub-phase of the work programme for SC72, the Company's principal asset.
Philex Mining Corporation is the parent company of Forum's two principal shareholders, Philex Petroleum Corporation and FEC Resources Inc, and is therefore a related party of the Company. As a result, the increase in the facility is a related party transaction under the AIM Rules for Companies. The independent director of the Company considers, having consulted with Execution Noble & Company Limited, the Company's nominated adviser, that the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.
Andrew Mullins, Executive Director, commented:
"We are delighted to have been able to arrange the increase in the Facility to US$15 million, on the same attractive terms. The Facility will enable the Company to move forward with planning the SC72 drilling programme. As previously announced, we will continue discussions with our major shareholders, our joint venture partner and our advisors to determine how the full SC72 drilling programme will be funded. We look forward to releasing further updates as appropriate."
PXP - hält 53% von FEP - Market Cap $ 1,446 b
Atok Big Wedge - hält 25.9% von FEP - Market Cap $ 1,87 b
FEC - hält 25,63 % von FEP - Market Cap $ 17,57 m
SC72 wird an der phillipinschen Börse erheblich höher bewertet als in London. Bin gespannt wann sich diser gewaltige Unterschied aufösen wird. Nimmt man die Bewertung von PXP (haben geschrieben SC72 sei ihr wertvollstes Asset) müsste FEP in London ca. mit 700 M $ bewertet und FEC mit $ 175 M. Die unterschiedlichen Bewertungen sind absurd und werden sich irgendwann angleichen müssen, entweder auf den Phillipinen nach unten oder in London nach oben. Bevorzuge natürlich die letztere Variante.
Wer mag kann sich sich ja mal die Markt.cap von Cove Energy (SC72 vergleichbares Asset vor Mocambique, Shell legte Übernahmeangebot vor!) oder von Noble Energy (SC72 vergleichbares Asset vor Israel) ansehen. Das könnte ein Ausblick sein, was hier kommen kann, sobald feststeht, welchen Partner Philex für SC72 ins Boot holt und der Streit mit China beigelegt ist. Das letztere zeigt imo das Risiko, die Chinesen sind unbrechenbar. Von FEP sind übrigends nur 3 Mill. Aktien im freien Handel, alle anderen sind im festen Besitz. FEP könnte daher sehr schnell stiegen, soefern es kaufwillige Briten gibt, was bisher nicht der Fall ist.
Aquino backs gas project in Recto Bank
By: Christine O. Avendaño, Doris C. Dumlao
Philippine Daily Inquirer
11:28 pm | Monday, June 25th, 2012
President Aquino: Full support for Recto Bank gas exploration
LA TRINIDAD, Benguet—President Aquino said Monday the government was fully behind the gas exploration project being undertaken at the Recto Bank by businessman Manuel Pangilinan with a Chinese company as well as the latter’s bid to expand his foreign partners in the venture.
“Mr. Pangilinan will be undertaking the venture based on authorization coming from the Philippine government,” he said.
Aquino told reporters here that the gas exploration project being undertaken by Pangilinan’s Philex Petroleum Corp. with state-owned China National Offshore Oil Corp. (CNOOC) was a major project that would need much financing.
“There will be a lot of finances that are needed and it is also incumbent upon him to source this financing,” the President said, adding that “so long as it complies with the terms and conditions as stipulated in the service contract, we have no issue with this venture.”
Over the weekend, Pangilinan said he planned to expand the consortium undertaking gas exploration at Recto Bank, which both the Philippines and China claim, to “internationalize” and “depoliticize” the concession area while boosting the financial and technological muscle for the project.
While Philex is preparing to work with CNOOC on the project, under an agreement that requires the approval of both the Philippine and the Chinese governments, Pangilinan, speaking on Thursday night in Hong Kong, said the project might be big enough to take in one or two more foreign partners.
Meantime, business tycoon Enrique Razon Jr. has also cleared the air with Pangilinan on the issue of having CNOOC as a strategic partner in the Recto Bank project, touted to have resources much bigger than that of the Malampaya gas field.
“As long as they’re genuine partners, whether Chinese, Japanese or Americans, it’s okay with us,” Razon said.
Razon said he had spoken to Pangilinan in the United States, where they joined the Philippine business delegation during President Aquino’s state visit.
In Congress, Muntinlupa Representative Rodolfo Biazon has urged the government to adopt a moratorium on all negotiations with Chinese exploration companies for joint projects in disputed areas.
By MYRNA M. VELASCO
August 27, 2012, 5:51pm
MANILA, Philippines — Forum Energy is eyeing to tap an international oil company (IOC) as a third partner in the Recto Bank exploration venture, Philex Petroleum Corporation Chairman Manuel V. Pangilinan has hinted in an exclusive interview.
“I would like at least to have a third partner, seeing something that proceeds with CNOOC (China National Offshore Oil Corporation); and assuming that, we’d like to see an international oil major to be part of the equation.”
Philex Petroleum is majority stakeholder of United Kingdom-headquartered Forum Energy plc, which is the operator of Service Contract 72 covering the Recto Bank oil and gas exploration block.
For the partnership arrangements being pushed, Pangilinan admitted that their future move would be to convince all parties “to agree to it; and for the government giving consent to it.” He did not disclose yet which global oil firm is being eyed for any farm-in deal in SC 72.
Pangilinan has noted that the tie-up explored initially with CNOOC has been a “commercial partnership.”
He stressed that “when we’ve met (with CNOOC) in May, it was quite productive. They wanted to explore the notion of a commercial partnership.”
When asked on follow-through negotiations with CNOOC on the partnership prospect, Pangilinan noted that he defers commenting further for now.
He emphasized though that the stance of both parties will consider a lot of things in the negotiation table, hence, they would have to proceed cautiously with it.
“For this, you have to deal with foreign government…you have to be expert in Chinese affairs. We have to play it by ear. We have to understand how they operate, how they make decisions,” Pangilinan has enthused.
He added that in exploring that deal with CNOOC, it was also preeminent in Forum Energy’s concern to consider the Philippine government’s interest in the whole process. “Of course on our side, we have to appreciate what is important to our government and our country,” he said.
While mulling over options on tapping foreign partners for the Recto Bank venture, Pangilinan has re-affirmed that drillings at the block have to be deferred to next year because of the lack of rigs that they can contract for the activity.
He noted that they will correspondingly inform the Department of Energy (DoE) on that plan based on the 90-day notice set for petroleum service contractors on their drilling schedules.
Forum Energy has budgeted $80 million for the drilling of two wells at the Recto Bank this year. The company though is given until 2013 to accomplish that commitment under its seven-year work program submitted to the energy department.
The gas potential of the block was reported to be heftier than Malampaya’s yield, but the drillings have yet to confirm if the reserves are really of commercial scale.