Philex Petroleum Corp. the upstream oil and gas unit of the Manuel Pangilinan-led Philex Mining Corp., has raised its direct shareholding in Forum Energy Ltd. to 69.5 percent.
This effectively increased Philex Petroleum?s total direct and indirect interest in Forum to 77.5 percent.
In a stock exchange filing, Philex said its subsidiary acquired 39.35 million new shares of Forum at $0.30 per share for a total of $11.805 million.
Forum is a UK incorporated oiI and gas exploration and production company with a focus in the Philippines.Its principal asset is a 70 percent interest in Service Contract 72 Recto Bank which is also known as Reed Bank that covers the Sampaguita natural gas discovery off West Palawan.
The Sampaguita prospect is estimated to hold up to 20 trillion cubic feet of natural gas.
Forum suspended all exploration work at SC 72 in 2015 owing to the country?s territorial dispute with China over the West Philippine Sea.