Philex Mining Corp., the Philippines’ biggest gold and copper producer, said Thursday its unit Philex Petroleum Corp has acquired a 13.94% stake in Forum Energy Plc of the United Kingdom for US$3.8 million.
Philex Petroleum acquired four million shares in Forum Energy from Sterling Northwest Africa Holdings Ltd at 48 pence per share, Philex said in a statement.
Forum Ltd, a unit of Forum Energy, holds a permit in the Sampaguita gas discovery in the northwest coast of Palawan, southwestern Philippines. It has also acquired the oil and gas assets of another Philippine company, Basic Consolidated Inc., Philex said.
FEC Resources Inc., which is listed in the United States and in Germany and is 51% owned by Philex, holds about 29.78% of Forum Energy.
“Philex Petroleum and FEC are presumed to be acting in concert under applicable London rules. Philex Petroleum is therefore required to make a tender offer for Forum Energy shares for 48 pence per share,” Philex said.