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Kahit kami nasorpresa! Dennis Uy clueless on why Phoenix Petroleum jumped 50% in early trading

Bilyonaryo Dennis Uy is clueless on why shares of Phoenix Petroleum hit the ceiling in early morning trade Monday, October 19.

“The company an/or any of is directors have no knowledge or information, specific and material, that triggered or may have cause the price movement of PNX (Phoenix’s trading symbol) stocks traded today. We were equally surprised on the sudden and unusual trading,” said Phoenix Petroleum in a statement.

Uy is president and CEO of Phoenix Petroleum.

Phoenix shares jumped by 50 percent from P11.10 to P16.64 just minutes after the opening bell. Phoenix closed 35 percent higher at P14.88 on P157.545 million turnover.

Speculators drove up Phoenix shares amid the ongoing buying frenzy over stocks with stakes in the oil and gas exploration in West Philippine Sea.

Phoenix is keen on joining the hunt for oil and gas in the disputed waters of the West Philippine Sea.

Phoenix Petroleum senior vice president Raymond Zorilla told reporters that the company would spend $15 million each for areas 7 and 8 inside the Reed Bank or Recto Bank.

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