Philex Petroleum Reports PhP537.5M Net Income for 2011

Pasig–(PHStocks)–Philex Petroleum Corp. (PSE: PXP) today announced its audited financial and operating results for 2011 with Net Income amounting to PhP537.5 million. Forum Energy Plc, a 64.45% owned subsidiary, contributed PhP271.4 million of the consolidated earnings of PPC. This year’s earnings result includes a non‐recurring gain of PhP443.7 million from the restatement of PPC’s investment in Pitkin Petroleum Plc to fair value when PPC’s holdings in Pitkin was diluted from 21% to 18.46%.

Other highlights for the year include the successful listing by way of introduction of PPC in September, the completion by Forum Energy of the first exploration sub‐phase of Service Contract (SC) 72, and the start of commercial production from the Brixton Energy coal project in Zamboanga Sibugay.

Manuel V. Pangilinan, Chairman and CEO of Philex Petroleum, commented, “We look forward to continuing our efforts to realize the company’s growth potential by proving up the resource potential of our exploration assets particularly the commerciality of the hydrocarbons within the SC 72 contract area, developing a sustainable revenue stream from our coal business, and pursuing new opportunities, including participation in the upcoming Philippine Energy Contracting Round.”

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