Bilyonaryos Manny V. Pangilinan, Ricky Razon, and Bobby Ongpin are in a celebratory mood after their oil stocks surged on news that President Rodrigo Duterte has lifted the suspension of petroleum activities in the West Philippine Sea (WPS).
Pangilinan’s PXP Energy, Razon’s Apex Mining, and Ongpin’s Atok Big Wedge control Forum Energy Plc., which holds a 70 percent interest in Service Contract 72 in Recto Bank and in the Sampaguita gas field. Exploration in the rich oil and gas prospect had been shelved since 2012 by the President Noynoy Aquino amid a terrirotiral dispute with China in WPS.
The three Forum stocks were the top gainers in gthe October 16 trading.
PXP Energy hit the ceiling with a 50 percent gain to P7.72 on P47 million value traded. Its parent, Philex Mining, joined the party with a 21 percent gain to P5.70.
Apex Mining surged 35 percent to P2.09 and was the most active stock with P434 million worth of trades.
Atok Big Wedge soared 50 percent to P11.54 on P10.5 million volume.
Pangilinan has the biggest stake in Forum with 50 percent while Razon has 30 percent and Ongpin has 20 percent.