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UNITED KINGDOM : Philex Mining to participate in petroleum exploration contracts
Publish Date : 04-Aug-2011
Philex Mining Corp. has expressed interest to apply for service contracts to explore and develop potential petroleum areas, which are now being provided to investors by the government, through its oil exploration subsidiary, Philex Petroleum Corp.
Philex Mining chairman Manuel V. Pangilinan said, we are considering this as it\'s something the country needs to explore. We don\'t know yet which ones we would vie for in case we participate.
Philex Mining holds 64.45 percent of the issued capital of Forum Energy Plc, through its subsidiaries FEC Resources Inc. and Philex Petroleum. The UK-based Forum Energy holds 70 percent of Service Contract 72 and Monte Oro Resources and Energy Inc. will hold the remaining 30 percent.
