<article><a style="color: #000080;" href="http://www.philexpetroleum.com.ph">Philex Petroleum Corp</a>, an upstream oil and gas company in the Philippines, has increased its stake in its subsidiary <a style="color: #000080;" href="http://pitkinpetroleum.com">Pitkin Petroleum Plc</a> following the latter&#8217;s repurchase of over $30 million shares.</article>

<a style="color: #000080;" href="http://www.philexpetroleum.com.ph">Philex Petroleum Corp</a>, an upstream oil and gas company in the Philippines, has increased its stake in its subsidiary <a style="color: #000080;" href="http://pitkinpetroleum.com">Pitkin Petroleum Plc</a> following the latter&#8217;s repurchase of over $30 million shares.
The Manny Pangilinan-led petroleum company informed the stock exchange on Friday that Pitkin repurchased a total of 40,872,500 or 31.71 per cent of total issued shares at a price of $0.75 apiece.
&#8220;Approximately $14 million was paid out to the minority shareholders of Pitkin and approximately $16 million was transferred from Pitkin to Philex Petroleum,&#8221; the company&#8217;s disclosure read.
Philex Petroleum sold 21,373,000 or 31.24 per cent of its Pitkin shares, increasing its interest in the subsidiary from 53.07 per cent to 53.43 per cent.
Philex Petroleum is a wholly-owned subsidiary of <a style="color: #000080;" href="http://www.philexmining.com.ph">Philex Mining Corp</a>, a company that directly and indirectly owns oil and gas exploration and production assets located in the Philippines, and indirectly owns exploration assets located in Peru.
Pitkin, however, is a UK-registered upstream oil and gas company with operations in the Philippines, Peru and the USA.
Philex Petroleum recently reported that it incurred a consolidated net loss of P44.2 million for the first three months of 2015 compared to a net income of P25.7 million during the same period last year.
The net loss was attributed to Equity holders of Philex Mining amounting to P22.8 million from January to March 2015 compared to a net income attributable to Equity holders of the company of P20.2 million during the same period last year.
The net loss was primarily attributable to the lower petroleum revenues contributed by its subsidiary, Forum Energy Plc due to lower crude oil prices and lower production from Service Contract 14C1 Galoc.
Philex Petroleum&#8217;s last trading price remained at P1.50 since May 7, while Phiex Mining&#8217;s went down by 0.14% or P0.0100 to close at P7.09 on Friday.
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Philex Petroleum Corp has increased its stake in its subsidiary Pitkin Petroleum Plc following the latter's repurchase of over $30 million shares.

Philippines' Philex Petroleum increases stake in Pitkin to 53.43%

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Philippines' Philex Petroleum increases stake in Pitkin to 53.43%

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