Philex Petroleum increases stake in Pitkin to 50.28%

Philex Petroleum, a subsidiary of Philex Mining Corp., has paid $34.80 million to raise its stake in UK-registered upstream oil and gas company Pitkin Petroleum Plc from 18.46 percent to 50.28 percent. Pitkin operates in the Philippines, Vietnam, Peru and the US. Pitkin's key assets include a 25-percent interest in Vietnam Block 07/03 with the drilling of two exploration and appraisal wells expected to begin in July 2013; a 25-percent interest in Peru Block Z-38, where a drilling program of up to three exploration wells is planned to begin in the fourth quarter 2013 or first quarter 2014, depending on rig availability; and a 29.14-percent interest in SC 14C2 offshore Northwest Palawan where the viability of redeveloping the West Linapacan oil field is currently being evaluated. Pitkin has also partnered with Philodrill Corp. for the exploration Area 5 in the South China Sea. — BM, GMA News