PMEA Blog

By Doris Dumlao
Philippine Daily Inquirer

PHILEX MINING CORP. has bought back a 49-percent stake in Philex Petroleum Corp. from foreign partner Anatolian Property BV, giving the country’s largest mining firm 100-percent control of the gas exploration company.

In a disclosure yesterday, Philex vice president Renato Migrino said Philex Mining acquired 245 million shares of Philex Petroleum, which in turn owns 5.3 percent of Pitkin Petroleum Plc. which recently made the first major oil discovery in Asia this year in the Ca Rong Do (Red Emperor) in offshore Vietnam.

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