Philex Petroleum says 2011 net income reached P537.5 million

Philex Petroleum Corp. on Wednesday said its 2011 net income totaled P537.5 million.   In a statement to the Philippine Stock Exchange, Philex Petroleum said its earnings included P271.4-million from Forum Energy Plc — a 64.45-percent owned subsidiary — and a non-recurring gain of P443.7 million from the restatement of the company's investment in Pitkin Petroleum Plc. to fair value when Philex Petroleum's holdings in Pitkin was diluted from 21 percent to 18.46 percent.   "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 a participation in the upcoming Philippine Energy Contracting Round," said Manuel V. Pangilinan, Philex Petroleum chair and CEO.   The company said its "highlights" last year included the completion of the first exploration sub-phase of SC 72 by Forum Energy and the start of commercial production from the Brixton Energy coal project in Zamboanga Sibugay. Philex Petroleum was listed by way of introduction in the PSE last September. — CMA/VS, GMA News