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Yes gnooster. Fec was 2 bucks decades ago and way before it's only "relevant" holding or position was sc72 when they bought it around. 2007 I think? Since holding sc72 when it was a penny or sub penny when anounced, the stock if I remember may have reached 7 cents briefly intraday. And on the charts it has it as 5 cents.That price I think you would agree has zero relevance today. The only relevance if I really dig for it is would be that if, and that's a big IF forum decides to distribute their cash profits when they roll in about 6 to 8 years after signing a contract. If they distribute the cash as an annual dividend or a one time dividend every so often, then fecof in theory can use that money to buy more concessions and grow their company into more than just a holding company as their profile states that they reserve the right to do so. Pxp is already a company that's growing with its strategy into Peru. And apex has turned its company around as well the last two years with new management. Apex demands a current p.e. Of 20 which is refreshing. I don't expect apex to trade at 20 times its cash holdings. Lol, but if they reinvest and use their cash to grow or merge, then maintaining that 20 p.e. Is very exciting indeed. Same as the potential for pxp. That's why I asked earlier if anyone has an idea or likelihood ,if this future cash profits in 6 or 7 years let's say, gets stock in forum until they go public one day , 2. Gets stuck in forum for decades and only viewed as equity in forum stock where only the cash position in forum is recognized, 3. The cash will be distributed annually as form of dividends when the cash profits actually come in after expenses. Could be 10 years for all I know.
I'm not sure if the question will be answered as part of the deal/contract that gets signed on that glorious day if it happens, or if Forum Energy will need to announce it themselves in regards to their holders which are pxp, fecof and Atok Big Wedge. Apex is not connected to forum , apex bought mont oro the private company which owns the 30% of ac72 which forum does not own.
Mwm. I would even state further than you that this small 4.76% of the entire well in sc72 might even be worth as much as a billion dollar cash value in the 18 year history it takes to pump it out. Maybe even 2 billion if they find 16tcf instead of just matching malampaya value. (Making it a 4 dollar stock) for cash value alone)The problem is it won't reflect that anytime soon or even close to it. I don't mind sitting on it for 18 yrs in my ira or 401k until I receive every last dime in it's hidden value but the risk of it being majority owned by pxp is that they will offer a 50% premium when its trading around 6 cents to buy this out at 10 cents. Maybe I should be happy to get 1000% of my money, but this would happen when both apx are up like 2000% each and on their way to realizing their full market value. Pxp has no reason to unlock fecofs hidden value so they can buy it on the cheap. Like I said before, that chart I showed you on pxp had everything to do with how pxp's value was being recognized when sc72 was considered valid and undisputed and a few months away from being drilled again for a "proven reserves" figure. The market gave them over a billion us valuation making fecofs 25% in sc72 worth 500mil in comparison and yet the stock was never worth more than roughly 25 mil instead of the 500 mil I expected on the fee market. So I've been in your shoes with the same analysis but it wasn't recognized or evaluated like that. So it's hard to believe in a similar scenario with fecof having dwindled to a 6.7% of forum , that it would somehow run to 50 cents. God willing I wish I am wrong bro. I sat on this turd since 2007? I think when manny pangilinan lied about the gold and it was a total bust. It came back to life with them buying forum energys 25% stake and the reports of a 2.7 tcf find.... now there are different surveys that say as high as 15tcf recoverable(which one to believe?)
Pxp can refuse a buyout offer on the way up , from a competitor, but fecofs buyout offer from pxp gets automatically approved .
The only way I can be proven wrong on the action, and god I do hope I'm proven wrong as I deserve to be a little greedy holding out for this long, is if somehow someone like Shell oil or chevron from Malampaya makes an unsolicited bid to buy fecof and a bidding war Starts for some corporates who want the undervalued play on sc72 and a seat on the board of directors who want to know pxp's next moves (keep your enemies close). Maybe Shell oil or Chevron from Malampaya make a move and bid on this after the contract is signed and with a "proven reserves" estimate.
Until then my friend mwm, and I do consider all my fellow investors friends, I think it's wise to own both pxp and apx shares to balance out fecof. If pxp or apx gets a p.e. Of 3 then where fecof unlikely would, then the other two easily get a bigger return than fecof. Unfortunately for Fecof
I would like to know your opinion oh how you think forum would distribute the cash if it's ll . Or do you think it will be locked up in forums equity until forum goes public once again one day
I wouldn't dis agree with the statement that if fecof goes to 50 cents it's a better play, than pxp as pxp would have to go up 50* it's price too.....but when has fecof ever come close to anywhere near 50 cents??? The closest it's been was about 6 cents. Maybe 7 cents.
But I remember pxp going up 1000% on its ipo which I would have had shares of if I hadn't foolishly sold my philex mining shares to buy more fecof stock. Philex spin off its pxp shares to its shareholders and I missed a huge run up. I argued back then that if pxp was worth a billion dollars because of forum stock, then fecof was worth 500 mil in comparison and the stock barely budged. Maybe it went from 2 pennies to 4 pennies and back down again when it still had "25%" of forum shares back then too.
So you talk hypothetically as it is a more than likely fact that fecof will easily have this type of run when in fact it is pxp that is better known and not easily robbed by its board members that has in the past as well as its future outpace fecof. I base my statements on past events and fecof is now 75% more weak than it was back then. I will post my statement with a link to prove my point. With what proof or reasoning can you make such a statement??? 50 cents might be reached in ten years if the board members stop robbing fecof and let her be. But we all know that historically that hasn't been the case so I'm sorry but it's careless to make such a statement or maybe you're just luring to yourself. Pxp on the other hand would have made you 2000% if it runs to 40 from its 2 pesos mark. And it has done so before on anticipation of a deal being made. So a contract will get it to new highs . I would love for fecof to run even to 25 but I just don't see it as its 4 times less likely then it was when it only ran as high as six. Here is pxp's chart. Check it!!!
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=PH%3APXP&time=20&startdate=1%2F4%2F1999&enddate=3%2F17%2F2018&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=2&x=59&y=16&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=8
This may very well be bought out as you say. It is still not clear if they will be given a fair price even after the contract is signed. Fecof owns shares in forum energy, not in pxp energy. So even if the price in pxp goes up 2,000% it's is possible that fecof goes up only 500% as to the fact that pxp has more publicity and is more liquid as far as institutional buyers go. Pxp also has the argument that they have 3 contracts and can grow their company demanding a P/E ratio where fecof cannot make that same argument.
In the example where fecof goes up to .6 pennies even after the contract is signed, and since it will be years before forum energy, the holding company of the sc72 contract, actually makes a profit, it can be easily feasible that pxp buys them out at 9 cents a share with the argument that they gave fecof a 50% premium to their current market price of 6 cents(example only). Pxp has the voting rights and can do that at anytime without anyone else's permission. That's one of the reason I'd seriously like to get a few of us together after the contract is signed and have a lawyer representing us in a shareholder class action, to write them a letter asking them information of all the previous times they siphoned shares away from fecof in all those previous years to keep them from easily doing so again in the future, by fear of a criminal investigation looming in the background. To assume that fecof would be fairly priced or even anywhere near its real worth, all I have to do is point at their pattern historically. They once had 25% of fep.l and yet never made past 7 cents and yet pxp became a billion dollar company for having twice as many shares. I guess proven deposits can demand a higher market price even for fecof in that kind of publicity. All one needs to read is that pxp has 70% of that contract by indirectly counting fecofs shares too. If that brings even just a couple of institutional investors on board this might also help keep criminals at bay from cheating fecof completely. They'll have to buy fecof the company and not just steal the forum shares for nothing. And yet it won't be near the same value that pxp will be represented by its own forum shares. Makes apx and pxp look more attractive to me the more I think about it.
A question to the holders of fecof.
How will this investment holding likely play out in forum when it comes to disbursement?
Besides the question of the contract details as far as adding partners and expenses before doing he percentage split.....
The question is specifically if the value of contract sc72 will be held continuously in forum stock and therefore each company will have hidden value in forum stock, or if there will be profit distribution in forum profits each year while still maintaining the equity buildup of assets in forum stock?
Adiditionally, if we could be so lucky to have this contract signed, how likely is it that forum energy could be allowed to be traded in the open market as a stand alone company, allowing it to get a p.e. Ratio and possibly getting other concessions or contracts under the forum name ? This would make sense to do so as it would unlock value beyond its cash value if it's a malampaya type contract company.
But the question is how likely is it that pxp with its majority owned voting rights would allow for that to happen.?
I've seen oil companies and etfs that give out their entire profits as dividends each year to all its shareholders per share ,while trading in the stock market for even the smallest p.e. Which is better than being privately held or stashed away with hidden value.
This question is open to the public. Even a simply likely or unlikely response would be appreciated and those who have extensive knowledge on these plays , which I admittedly lack, are appreciated to give an in depth reply.
Thank you.
I do not have a major list of fecof. That top 100 stockholders list is a feature found on pse.com or pse.ph which is the philipine stock exchange on their pse edge platform. It's mandatory for Filipino stocks on that exchange to list it. In the us/ American stock exchanges we have similar features for big board stocks but not for pink sheets or bulletin board stocks like fecof which is a Canadian company. And yet if you dig around you can find some not so up to date records of who owns what. And obviously the majority of the stocks held for fecof are held by pxp energy which was once owned by philex corporation. Now pxp holds the majority/ voting rights of about 55% of fecof I figure if not more, which allows them to vote every year or so on having fec corp pay for its administration fees by selling specifically its shares of forum directly to pxp energy. This has over the course of years since 2007, dwindled fecofs 25% ownership of forum energy(who holds 70% of the contract to sc72) dwindle all the way down to 6.7% of forum. Fecofs 6.8% of 70% of sc72 is equivalent to 4.78 of the entire sc72 contract. So just under 5%. My biggest fear is that even after the contract is signed and even likelier before if the deal is delayed again, that this will happen again , which in turn makes fecof even less attractive as it gets way more risk for way less return each passing year. At this point though even at 6.8% of s 72 , fecof "seems" more attractive than the rest when you divide its small market cap to its potential share of the profits. I say it "seems"!because the truth is as it has already happened in the past, that the parent company pxp can take a piece of their shares every December and that equates to about another 30% of forum shares in fecofs account stolen from this point on. It's a good argument to say that this is very unlikely IF this contract is to be signed as it looks more obvious that this is an inside job of theft when the contract is actually signed and worth something. This time around, once again IF the contract is signed in the next 3 months. Also this company can be bought out at a bit of a premium to the equivalent share price of pxp's per share price even after the contract is signed with the quick approval of pxp the parent company. This is simply why you won't find more than one or two small institutions if any at all that own fecof. If China didn't get involved 6 years ago this would have been possibly a bitcoin type return for fecofs stock holders but now they'll have to hope to see just 25% of those returns they would have. The offshoot is that there's enough time to accumulate more shares at a penny level if you dare and want to double down then what would have existed at a 25% holding of forums shares. As you can see, even on a 2 million volume day we are seeing 20 thousand dollars traded. No institutions. If the deal is signed and we don't get shafted or screwed again then things could change here. I don't expect this being a holding company to have a P/E ratio of any significance, but pxp being an actual explorer company may have a decent pe which arguably puts it in a safer and bust as attractive company for returns. Well that's my two cents. Trading at a discounted penny right now.
People have asked me why dont I just sell my shares and trade them for pxp ??? And the reason is simple, if I started unloading these fecof shares now. 4 million shares, I would single handedly bring the price to .002 and get nothing of a return back. So I am married to fecof for better or for worse. It might or might not be a happy ending for me, as only time will tell. If I could get in now I'd take a less risky pxp instead of fecof at this point in time. Good luck to all.
I remain hopeful that this d all gets done but not without big biumps in the road and you must be willing to hold for 10 years to see the profits represented fairly in its share price but it would be worth it if we still maintain our 6.8% share of forun(fep). I hope this helps. The s stock has become my obsession and frustration as I got delayed 6 years and saw my 25% holding drop to 6.8% by getting screwed by both pxp and China together. And they are still the ones in charge so pardon me if I'm a bit bitter and untrusting when others would be jumping for glory near a signing. I will keep my fingers crossed as I have already missed one of the biggest bull runs in stock market history. This going to a dollar in 5 years would be sweet retribution. Let's hope for 9tcf as well for good returns. Good night.
Yes I agree It also means than MVP will be shot if he somehow lied about the surveys as to sell his shares on the way up. I personally don't believe that conspiracy but I've heard it around. That's why some figures say as big as malampaya and others say 5 times as big. There were independent studies so I can't see them all being false.
Here's another little article from an analytical point of view last month. Also explains how malampaya was a 45 45 10% split with ph pnoc getting only 10% back then probably because Marcos took a big check under the table to get that done that way. But it got me thinking. What would forums split be?? I'm guessing chinas demand would be 50% right off the top but does that mean we have to pay cnooc even more or additional percentage as the farm in/ driller? I'm hoping it's not worse then a divide. BY two for cnooc. Then give ph their 60%. And then the remainder 40% gets divided to the owners of sc72 accordingly. Am I missing a cut? Is there another factor to be considered?
https://malaccaresearch.com/relative-valuation-of-upstream-philippine-oil-and-gas-companies/
http://www.pxpenergy.com.ph/home/our-company/top-100-stockholders/dec-31-2017
Ayala ph was also recently added to the list last week. There a search on pse to find them under some disclosure reports. San Miguel was there too. It's interesting to know who is buying. You also get bragging rights for being the top investor from your country by being on the list .
I found an old email from 2012 I wrote about fecof to a family member. I remember now after reading it again that fecof once had 25% of fep.l./forum. It's amazing how much they were fleeced by their parent company. People on this message board even cheered the moves feeling smart that you they are getting 50 cents for fep shares instead of diluting fecof itself.where did all that cash go besides right back to the directors pockets for supposed administration fees. Fecof is a holding company like a mutual fund. These expenses were totally avoidable and I would like to sue pxp for fleecing fecofs minority shareholders , especially when this contract is signed and the realization of how much they stole sinks in. If there's long time shareholders interested in this please reach me. At the very least it will keep them from doing it again in the very near future as they could take the bird right out of our mouth as they please and as they've done. They were comfortable having the gold bars removed and sold at a fraction as long as the barn itself wasn't getting an equity loan to pay the rent. This was before China peeped a word and fecof was still around 2 pennies. In comparison fecof would have to trade at a quarter of what it did back then as their only potential holding is 75% less. China getting in on this might be more then just getting the contract. I've read articles that said cnooc was given the service contract by china. So we are potentially looking at another 50% drop in revenues/profits. I've added shares at lower prices but but considering the 75% decrease in forum shares I actually paid more in equity holdings and taken more risk with an unsigned contract that once didn't need chinas approval or to be validated at all.
I only share this so you folks understand why there's no rush to buy fecof. None at all yesterday as the volume is zero. And when a parent company with voting rights can legally rape its subsidiary out of most of its once proud 25% in forum, there's obvious trust issues. Even if the math keeps saying fecof is the better play over pxp. I'm still hopeful this gets done but between mannys pxp robbing us blind and China taking half I now have to hope that this isat least twice as big as malampaya to get my fair share. I've seen numbers as low as 2.8 tcf and as high as 55tcf. Good luck to all
http://www.ellentordesillas.com/2018/03/07/again-the-risks-of-joint-exploration-in-ph-eez/
This is dated 5 days ago and depending how recent the "quotations" part of this journalist report is, it kinda answers my previous question if pxp is at the table with manny. But only if they are recent quotes and not something from 6 months ago. A lot of stuff gets repeated. I'd like to hear manny say something new about it. But this article does sound like the palace is making to reference of pxp sitting with cnooc when discussing the contract in place by referring previous exploratory partnership.
I'll take a friends advice and take a nap now. Lol
https://business.mb.com.ph/2018/01/12/pxp-energys-subsidiary-eyes-exploration-headway-in-peru-petroleum-block/
Posting something positive for pxp that may have been overlooked 2 months ago. Using Perkins subsidiary they are very hopeful in Peru and diversifying themselves somewhat. Could explain some life in pxp besides sc72 and sc75.
Keep in mind though. Although we use pxp as a benchmark for fecofs future. We only share a future together in sc72 via their forum fep shares. Pxp getting in on peru doesnt secure fecofs future. Only a deal in sc72 will help. This is my last post for a while. I feel like I'm talking to myself again.
This is an article that's worth reading again from last year which explains the train of thought and how pxp would proceed with possibly cnooc when the relations warmed enough to explore the possibility . Including procedure which I had a couple of men dispute me here about. I'll take mannys word on procedure and not one sentence replies as simply fact. The only problem and it's stressing me out is I haven't found anything recently with Manny talking about pxp in months. Why is that? I read articles how duterte admires china and Russia and I wonder if he would try to privatize pxp like his idols did. Thoughts of Putin jailing Russian billionaires and privatizing their well. Anyway if someone can link something recent coming out of MVP mannys mouth would be a relief. Just listening to duterte and roque is making me worry. Please post a link. This link is a year old but worth a look on the process MVP was expecting.
https://businessmirror.com.ph/mvp-optimistic-pxp-energy-to-resume-exploration-in-reed-bank-area-of-wps/
Here's a thought. What if they privatize pxp because of some possible renegotiation crap they are doing with China at the moment which singles out sc72 as the disputed territory and therefore maybe being left behind or somehow slighted as a renegotiation to a possible void contract. I don't hear them mention that it's PXP sitting at the table with cnooc. All I hear is that it's the palace or ph officials sitting with cnooc. I'm just saying what if they do get privatized co sidering duerte is a dictator type. How does that play out for us?? I could totally see why people are buying apx instead of fecof as apx has a minority share in the field and maybe a better stable situation than an all or non gamble in fecof . Pxp also has sc75 so I don't know .any thoughts?has anyone seen manny talk about pxp recently?? It's only roque comments and duterte. Any material that specifies pxp is recently sitting with cnooc in the last month? Wouldn't it be manny sitting down and meeting with them? What's going on?
If there is a buyout. And hopefully it will be well after the deal is signed. Then we won't get such a crappy deal. But we will still get slighted like forum also got slighted by their controllers/ parent company as they were pretty much merged with pxp. If that does happen I suggest you jump right back in and buy apx or pxp whichever is of greater value for its % ownership. Apx has 30% of the field. And pxp has 70% of 70% which is like 52% or something close to that.
I don't think the hidden value of sc72 is reflected in apx yet as it is in pxp. But fecof is clearly the undervalued of all by an entire digit nonetheless. If the deal falls apart apx. Apex mining ph will hold better than all others. Just my opinion.
Does anyone think this company of still as it is now could be a pe higher than 1 or even 2? Or just reflect its cash value? Reason I ask is obvious for price.... but also that they can borrow against some equity as it rises and explore other areas / service contracts in that future time. It looks like the entirety of ph will benefit with its stock market if this rolls thru. From banks to real estate telecom etc
This link was found in an older articles story line about the new way china successfully gets this methane has depost which maybe eliminates the need for liquified gas processing? Any thoughts. ? I found it interesting as it might help our cause somehow by extracting gas sooner and processed in a faster quicker way??
http://www.mining.com/china-successfully-mines-flammable-ice-from-the-south-sea/
Hello all. I get private emails from time to time but I can't respond because I just use this to chat and don't use it's service or need the subscription. Most of the emails I get are cordial but I can't reply so if anyone needs to talk to me directly for whatever reason they can email me at goldencon@yahoo.com. Good luck to all.
So far I've seen multiple ways to play this. Fecof. Pxp:pm apx:pm and I'm not sure if atok big wedge is public or not.
Seems like an are or none sum game except for maybe the bigger companies that can survive sc72 not getting done.
And if it does get done there's a spiller affect and I predict the ph market in general will be one of the very best to invest in for a decade. Including real estate. Etc.
do they still think it's going to take 3 years for the infrastructure if the deal gets done? 3 bil just for that.
If they bring shell on board then I can see it connecting to malampaya and being done sooner.
It took malampaya about 20 years to fully recognize all those profits. Are you guys looking to hold this for 20 years if it gets signed? I just realized I have nearly 1% of fecofs total shares. 4 mil out of 400 mil.
I was doing some math and it's just such a shame that fecof had half its shares stole from its parent company like that. And at 50 cents for those shares is not like 50 cents. Or recently 30 cents for fecof shares. We would have been way better off diluting fecof shares. If the deal gets done you'll understand what that extra 7% lost was worth. It was criminal. Inside job!!! It will be done again if we don't sign soon so yeah. I just want to see this done asap too. If duterte was pro American we would have had the battleships protecting sc72 and drilling it 6 months ago.
You're right. It's old info with tid bits of newer info
Like this article. Reminds people of lost past events with newer stuff.
China and Philippines are reported to be moving closer to a deal to jointly explore oil and gas in disputed waters in the South China Sea, leaving aside sovereignty disputes, writes Xu Yihe.
Harry Roque, spokesman of Philippines President Rodrigo Duterte, said that any potential exploration deals between the two countries should be carried out on a company-to-company basis.
Industry officials suggested that Philippine National Oil Company (PNOC) and China National Offshore Oil Company (CNOOC) are now involved in discussions about joint exploration of two blocks, one in Service Contract 72 at the disputed Reed Bank area and the other in non-disputed SC 57.
“We might enter into an agreement with a Chinese-owned corporation, not the Chinese state itself,” Harry Roque told local media, adding that in exploring SC 57, the Chinese company should comply to the Philippine rules as it falls into its exclusive economic zone (EEZ).
However, the same does not apply to SC 72 as there is an ongoing dispute in this area between the Philippines and China, Roque acknowledged.
Awarded to Sterling Energy Ltd in June 2002, the 8800-square kilometres SC 72 is in the West Philippine Sea, west of Palawan Island and southwest of the Shell-operated Malampaya gas field.
The Philippines pursued international arbitration over territorial disputes with China and in 2014 suspended exploration in the Reed Bank, where PNOC, CNOOC and state-owned PetroVietnam carried out a joint 2D seismic survey, called a Joint Marine Seismic Undertaking (JMSU), over an area of about 143,000 square kilometres in 2005.
The survey was carried out by the vessel Nan Hai 502, owned by China Oilfield Service Ltd and data was interpreted by PetroVietnam.
At the time it was considered a major step towards potentially transforming a previous area of conflict into an area for potential co-operation.
They added that the latest approach by the Philippines is in line with Chinese standing policy of seeking joint exploration in the disputed waters of the South China Sea while setting aside the dispute.
China claims most of the South China Sea, which is a key route in global trade and potentially resource-rich territory, and parts of which are subject to competing claims by Brunei, Malaysia, Vietnam and the Philippines.
I'm just posting what came put 3 hours ago. Do t get mad at me if this one is on the negative side. We need a fair balance to being overly optimistic anyway.
http://bulatlat.com/main/2018/03/11/no-china-co-ownership-philippines-marine-resources/
That's true. Every day will be green for every stock except maybe fecof, just like the last 9 years in this hot bull market. You never know what the hell fecof will do. Let's just hope a payday is coming anytime let alone next week. I'm interested to see if they are talking to cnooc about s57 which is in the undisputed area with china , as well as sc72. I'm curious if they are treated in the same fashion. I do wish s72 was located where sc57 is which would make me feel better about getting favorable terms. Oh well. It is what it is. Hopefully we can join this bull market sometime effing soon and if you bought pxp 6 months ago then you're already enjoying it. Maybe even have taken the original investment off the table and letting the profits rise.
This article 3 days ago could put fear in a few people and explain the Pause in excitement for pxp and for trust issues. Etc on the details of this contract to be agreed upon or to be null by the courts if duerte is in fact stupid enough to collateralize the country's loans with the oil reserves themselves. I hope he's not that retarded as China would obviously salivating at such a deal and loans in default awarding the cash rich deposits and voiding our contracts in the process. I'm just reporting on this articles effect and not validating it as truth.
https://www.google.com/amp/globalnation.inquirer.net/164828/china-loans-ph-natural-resources-collateral/amp
Ok adtime. It's your porogative. I'm glad you're happy about a few of us adding 500 dollar or 1 thousand dollars worth of stock and taking it on the ask to secure it. I took 34k thousand shares at the ask myself 410 dollars worth of stock just to see my account in the positive and single handwdly moving the stock by doing so with my measly purchase. The real action will show on pxp volume and on apx volume on the pse. Anything I can help manipulate with my own small purchase in fecof is ignorable. It's my first purchase in years and only to see it in the green for today. I didn't want to wait in line for .09 that may not come to me.
I have noticed apx higher in the last 4 or 5 days as well.
Just move the decimal over two spots to the left. Just 3 or 4K $ worth of volume for a company worth about 5 to 6 mil or so...... don't get excited about the volume until you see 3 or 4 million shares. And or if the price goes to 10 cents then 1 million volume would be a decent number. And with daytraders and 2 market makers then yes you can see that volume in the future.
This was printed today. And I'll put in bold where the article verifies we were going to drill two wells right before the moratorium. I don't know what 3 wells sources others are writing about. Please print your source or link it.
The proposed joint undertaking between the Philippines and China in the disputed seas is now a policy after President Duterte said the path is better than engaging the economic powerhouse in a confrontation that may inevitably lead to war.
Critics of Rody were immediately on his back saying the policy is a sell off of the country’s sovereignty.
Two areas were identified in the South China Sea where joint exploration for oil and gas may be undertaken that will be under the supervision of a special panel with representatives from both countries.
Rody had already stated that such ventures would be purely commercial agreements thus his statement about co-ownership that has been spun and used in the black ops against the President.
One of the sites of the joint exploration would be at the Reed Bank or what is called as SC-72 comprising 880,000-hectare SC-72 which was put on hold after the relations of both countries soured during the previous administration.
Noynoy’s administration initiated a case in the Permanent Court of Arbitration (PCA) that the Philippines won after the court in The Hague invalidated China’s claim to sovereignty over most of the South China Sea and also made clear the Reed Bank was inside the Philippines’ exclusive economic zone. China, however, did not recognize the ruling as it rejected third party intervention in the maritime conflict.
Since Reed Bank is a disputed area, Roque said “there must be an agreement before the two countries can proceed with the joint exploration.”
The project in Reed Bank which is also called Recto Bank has been sent to the freezer in late 2014 as Noynoy pursued the arbitration case, halting plans of the private firm PXP Energy’s plan to drill two wells. Chinese boats patroled the area.
In 2011, Chinese ships already harassed a survey ship contracted by PXP’s unit, Forum Energy after Noynoy made threatening statements on the pursuit of the country’s claims.
Roque cited the La Bugal case as a precedent on the legality of joint explorations between China and the Philippines.
“The problem with the critics of the administration is that they all want to be Supreme Court justices, lets just wait to be appointed thereat wait to have the same power to make those decisions,” Presidential spokesman Harry Roque said.
The 2004 La Bugal ruling provides that the President could enter into agreements with foreign entities for large-scale explorations.
The La Bugal case, therefore, provided a constitutional basis for what is being alleged as proof Rody coopted with China.
Under the La Bugal case, joint explorations are allowed under the Constitution provided the contract will have the signature of the President and the concurrence of Congress.
Concerns were misplaced over the co-ownership quip of Rody which according to his partymate Senate President Aquilino “Koko” Pimentel is part of his penchant for cracking jokes.
Rody also said earlier that it may be better that the Philippines becomes a Chinese province to avoid the ongoing conflict.
“I already heard the Chinese province joke previously in a personal gathering. Maybe he saw that the joke drew a lot of laughs so he cracked it for the second time,” Pimentel said.
Pimentel noted that the public has long accepted Rody’s style of mixing, jokes, his toxic curses and his fatherly assurances in his speeches.
Also Rody had raised the country’s claims but avoided a confrontational tone with Chinese President Xi Jinping and was even admonished by China’s leader for raising the issue.
Rody said during the start of his term said that the country’s maritime claims would be raised at the right time when he believes the friendship bonds of both countries are strong enough to weather a protracted dispute.
Such an opportunity appears to be in the horizon.
Published in Editorial
This is an old link but it shows where service contracts are located. Good maps
Sc72 is specified as gse 101 and the last one on the list as this is an old link predation get it becoming titled sc72. http://www.ccop.or.th/ppm/document/PHWS5/PHWS5DOC15_pascual.pdf
Hey mwm. I'd rather you be right instead of me. More money in my pockets. We agree on most key points as I'm not selling unless I can find a better play.So from your mouth to gods ears and you can be as obnoxious as you want once you're right. But until then I'll remain somewhat skeptical of an easy clear road ,as I've had my hopes dashed before a few times with fecof Good luck to all
I never said exploration". I said they need to drill to have proven reserves. Hey we're going to get a junior driller for that and then the moratorium happened. If they were to prove their reserves first they could contract on better terms with their major production company. You come across a little obnoxious. Just a little. But I understand if you're just comfortable being that way behind a screen. Do t forget I'm on your side and don't put words in my mouth, I have my own mistakes to correct .
Be a good man will ya and post me a link to the 3 wells you said they already drilled. I'd like to see what reference you're talking about. Thanks
This is an opinionated answer only. It's reasonable to be alarmist and a very fair question.
Considering early talk from 5 years ago china didn't recognize this as ph territory and therefore why should they honor any contract whatsoever. On the other hand. They did send cnooc to explore a potential contract with fep.l. Now pxp for a contract consideration....... this could have been open field espionage as we shared with them our locations. I go etc. the deal wasn't made. Moratorium....during same time china was drilling in Vietnam illegally and ignoring other contracts and stealing oil .
Present day: the talks china is having is supposedly with pxp as well as the ph. They keep referring to making a deal with sc72 and sc57. Even if China refuses to recognize us, the ph still needs to recognize us or their business relations and future sc auctions would fail. Worse case scenario so far is that they make a crappy deal with China and get half of those reserves and we get half of the remaining. Or less from their ph 60/40 split. Things can change and if we are not on the bargaining table with everyone then it could be a sign that duerte throws us under the bus. So far manny keeps talking like he's the one pushing it to get done and that he's at the table. The devil is in the details. This is a world class find and depending on the contract details we can speculate more clearly what fecofs share is worth. I think it would be very foolish if we are cut out completely. Unlikely but not impossible in the mind of a dictator type like Duerte. The courts would honor our contract in the ph as duerte doesn't have that full power yet. Even his Supreme Court gives him a hard time often.
We need a multinational contract and then we are golden. At this point I don't hear talk of that yet. If he's smart he would bring in shell from malampaya as a third party as the infrastructure is already there and would give it a safer protection then just the ph vs Goliath who already demanded its all theirs before. Shell oil would be protected under American laws and china wouldn't try to pull that crap with its largest trading partner and nuclear power.
Mwm. Dude. We're having two different conversations here.... yes there is something there. But it could collapse if it's drilled wrong. They need to "prove " the well so they know the deposits are what they think they are
Ive added a link to the definition so we don't argue back and forth senselessly. There's a procedure to follow. With each successful procedure the stock goes higher. They can't agree who owns sc72 so they want to agree on a "framework" before the next step of proving the well. This is open to anyone on the board if you're familiar with oil well processes.
https://en.m.wikipedia.org/wiki/Proven_reserves
Yes. They are discussing production....... but nothing until the first drill. Which" proves " the reserves and also if the well will hold up or collapse like it did with my other investment in Nido. Maybe somebody else can chime in and validate what I'm saying. It not a technically "proven" well which is the procedures of all things.
You don't build a house without laying the foundation first.
The time to buy a high risk high reward stock is now!! I'm fully invested in high risk. I might add when and if it also becomes a value play only after a contract is signed. That's all I meant. People need to diversify and at what point and level of risk.
Hdymaniac; When was this drilled and confirmed?? Did I miss something? We stopped this project right before our first drill. We surveyed this.... twice. Seismographs. First it was a joint effort with china and the philipines... or maybe it was sterling who had the contract originally. But China was contracted to help with the exploration in seismographs. So did the USA . A first successful drill would be huge news. I don't think it's happened unless you're referring to that story two decades ago under the Marcos govt. in ph. Everything needs to be in legal format for it to fly. If there was a successful drill lately let me know when. I doubt it. At least not yet.
The closest we've been to an actual agreement was before china started ramming our survey vessels and claiming the dispute. We had an undisclosed driller ready to sign. Possibly she'll and they pulled out at that time . If my memory serves me right that was the closest we got to a contract and when we thought we were dealing with a fully owned ph service contract. Just saying.
Yes I do have 4 mil shares. Took me 3 years of adding and roughly 45k. 3.6mil in my account and 400k in my nephews. I can picture text anyone who needs confirmation. I just have a balanced or contrarian approach on this. When you all get over excited I feel the need to throw cold water and balance things out. I hate to see someone get pumped and buying this at inflated prices like I once did. I've posted enough. I'm back in the states now. Just landed. I'll see if I could and should buy a few pxp shares thru E*TRADE. Does anyone know the best way to play sc57?
Manny. MVP pangilinan Head billionaire owner of this deal had said over a year ago... both sides should just agree to drill it at least once for confirmation ..to make sure there is something there positively confirmed before fighting over it ... I agree..... they decided to go with contracts first, and I'm not sure if that's better or worse...... but if we did drill first where is what we were about to do before the moratorium(pause), we might already have been at a steady 5 or 6 cents today awaiting contracts. Some will argue that I'm low balling but I'd rather be conservative as I also keep in mind that holding companies are at a discount in their equity holdings. Same as mutual fund companies with their "nav"... that doesn't mean that fecofs share won't be bought out by let's say someone like "shell". I hope it's not just with cnooc that we get a deal with. It was once strongly advised it would be multinational on the drilling /development side.... I couldn't agree more as that would keep the crooked Chinese govt from shafting ph and its players in sc72 completely.
I read an article that china doesn't want to hurt their reputation in the business world. ThatwS such a bull crap article. China doesn't care!! And there's no police to keep them honest except for a usa navy and duerte shuns the USA. If China was truly truly trustworthy they would never dispute another countries eez which they also benefit from. I don't know of any other major country that is under unclos agreements and yet doesn't honor a country's basic economic zone. They are contract breakers so this deal has to be done very smart and I don't know if a hill Billie like duerte can pull it off. Good luck to all