Philex group ups loan to local Forum Energy unit

Philex Petroleum Corp. and Philex Mining Corp. have agreed to lend more money to Forum Energy Plc.’s unit, Forum Philippines Holdings, to help it meet working capital requirements.

In a disclosure to the Philippine Stock Exchange, Philex Petroleum and Philex Mining said they agreed on Nov. 21, with Forum Energy “to increase and extend the repayment date of a $15 million loan facility” to Forum Philippines Holdings Ltd.

“The [$15 million] facility, which has been fully drawn down, has now been further increased to $18 million, and the repayment date for all amounts drawn under the facility has been extended to Nov. 24, 2016,” Philex Petroleum president Carlo S. Pablo and Philex Mining SVP-Finance Danny Y. Yu said in a joint disclosure.

At the same time, the officials said Philex Mining has assigned its rights and obligations under the facility to Philex Petroleum.

Philex Mining had provided the amount to Forum Energy’s wholly-owned subsidiary, Forum Philippines Holdings Ltd., on Nov. 24, 2010.

Philex Mining owns 64.79 percent of Philex Petroleum. Meanwhile, Philex Petroleum holds a direct and indirect interest of 60.49 percent in Forum Energy.

In the nine-month period ending Sept. 30,  Philex Petroleum reported consolidated operating revenue of P156.4 million from P154.4 million a year ago. Of the P156.4 million, Philex Petroleum contributed P153.6 million (from P120.3 million) through Forum Energy’s robust performance.

Forum Energy has stakes in the oil fields of Galoc, Nido, Matinloc and North Matinloc, and the gas field in Libertad.