Philex Petroleum Corp. (PXP), an energy explorer in the Philippines, climbed to a record in Manila trading on expectation it will expand its natural-gas resources.
The shares rose 17 percent to 16.20 pesos at the close, the highest price since they began trading on Sept. 13. Parent company Philex Mining Corp. (PX) advanced 6.9 percent to 22.35 pesos, the biggest gain since Sept. 30.
Philex Petroleum’s Forum Energy unit said yesterday it expects to announce an “improvement” in resources when it presents data from the Service Contract 72 exploration area to the board later this week. Forum Energy has a 70 percent interest in the project.
Philex Mining Chairman Manuel Pangilinan said in June 2010 that the undeveloped field may be similar in size to Royal Dutch Shell Plc’s nearby Malampaya deposit, the Philippines’ biggest gas find. Both are in the South China Sea, which is subject to a territorial dispute among nations including China and the Philippines.
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