Philex Petroleum Posts PhP144M Consolidated Net Loss for 2015

Pasig—(PHStocks)—Philex Petroleum Corp. (PSE: PXP) incurred an audited net loss attributable to equity holders of the parent company of PhP87.5 million for the year ended 31 December 2015 compared to a net loss of PhP225.6 million in 2014.

Reported consolidated net loss amounted to PhP144 million, compared to a net loss of PhP448.7 million during the previous year. The net loss primarily resulted from lower petroleum revenues contributed by its subsidiary, Forum Energy Ltd, following a steep decline in crude oil prices and a lower production from Service Contract 14C1 Galoc. Net loss decreased year-on-year due to a charge in impairment to the company’s subsidiary, Pitkin Petroleum Plc’s SC6a – Octon in 2014.

On 20 November 2015, Pitkin, has elected not to enter exploration sub-phase 2 in Peru Block XXVIII located in onshore Peru and has surrendered said block to the Peruvian government.

The company will continue its efforts to reduce operating expenditures through the rationalization of the Company’s business structure and asset portfolio particularly in the current low oil-price environment.