Philex Petroleum Corporation ("Philex Petroleum”) today announced its financial results for the 1st quarter of 2012 which amounted to a consolidated net loss of P46.25 million, compared to the net income of P452.26 million in the previous period last year which included a nonrecurring extraordinary income of P443.67 million.
A major contributing factor was the decrease in revenue from the Galoc oil field under SC-14C [through Forum Energy Plc ("Forum”) in which Philex Petroleum holds a total direct and indirect interest of 64.45%] that was temporarily closed until the end of the quarter to make way for the upgrading of its Floating Production Storage and Offloading vessel.
Manuel V. Pangilinan, Chairman and CEO of Philex Petroleum commented, "While the results for this quarter was not as favourable as that of last year for the Company, there is a positive development in the recent announcement by Forum on the seismic interpretation and resource update on the Sampaguita gas field under SC - 72, which we very much welcome..” - https://www.affordablecebu.com/
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"Philex Petroleum Financial Results for the 1st Quarter - March 31, 2012" was written by Mary under the Business category. It has been read 1698 times and generated 0 comments. The article was created on 26 April 2012 and updated on 26 April 2012.
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