Philex Petroleum continues surge on Reed Bank drilling hopes
Philex Petroleum sustained its upward trend for the fifth consecutive trading session amid increased market participation by enthusiastic investors.
PXP peaked at P17.50 before closing at P14.48 per share or 17.5 percent higher than Friday’s close of P12.32.
About 52.84 million shares worth P814.93 million changed hands.
Investors are upbeat about Philex Petroleum’s prospects on expectations drilling for oil and gas in the disputed area in the West Philippine Sea may resume soon.
Philex Petroleum directly and indirectly owns 67.19 percent of Forum Energy Ltd., which controls service contract 72, where the Reed Bank lies.
Located offshore west Palawan, SC 72 is believed to contain 3.4 trillion cubic feet of natural gas.
All exploration work at SC 72 was suspended in December 2014.