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Philodrill, PSBank approve cash dividends
Print Email Details Category: Companies 23 Oct 2013 Written by Roderick Abad
PHILODRILL Corp. and Philippines Savings Bank (PSBank) are set to distribute cash incentives to all their stockholders.
In a disclosure on Wednesday with the Philippine Stock Exchange, the former’s board of directors approved the declaration of a 5-percent cash dividend amounting to P95.93 million equivalent to P0.00050 per share. Philodrill Corporate Secretary Adrian S. Arias said the cash incentives will be distributed to stockholders on record as of November 8 and are payable on December 4.
In a separate regulatory filing, on the other hand, PSBank said it will issue a total of P900.95-million cash dividends for the third quarter of 2013. The bank’s board of directors declared, through a resolution, a 7.5-percent regular cash dividend worth P180.19 million equivalent to P0.75 per share.
Likewise approved is a 30-percent special cash incentive equivalent to P3 apiece, or an aggregate of P720.76 million.
PSBank Senior Vice President and Chief Financial Officer Perfecto Ramon Z. Dimayuga Jr. said both the regular and special cash dividends are payable to all stockholders of record on date yet to be announced. The schedule of payment, he added, would be set by PSBank President Vicente R. Cuna Jr. once approved by the Bangko Sentral.
Majority owned by Metropolitan Bank and Trust Co., PSBank is a thrift bank that offers products on deposits, loans and services catering mainly to consumer and retail customers distributed through its 200 branches and 505 automated teller machines nationwide.
Philodrill Corp. is a diversified holding company, with retained investments in petroleum exploration and production, financial services, property development, mining and infrastructure development.
Galoc oil field operator starts pre-production work on 2 new wells
patience is OVirtue hahaha Ngayon nOVember sell on news kaya o larga na ito? What do you think po?
By: Euan Paulo C. Añonuevo, InterAksyon.com
November 4, 2013 9:54 AM
MANILA - The Galoc consortium has completed drilling an oil field located in offshore Northwest Palawan Basin.
In a regulatory filing, Otto Energy Ltd said the drill rig called "Ocean Patriot" was demobilized today after completing work at Galoc field's two new production wells.
"This marks the successful completion of all drilling activities of the Phase II development," it said.
Following the pullout of the Ocean Patriot, the construction vessel Skandi Skansen commenced with the installation of underwater production equipment that will link the two wells to the production vessel FPSO Rubicon Intrepid.
The installation is expected to be completed before the end of November, the same month the Galoc consortium targets to start churning out oil from the new wells.
Otto Energy is the parent firm of Galoc Production Co, (GPC) operator of Service Contract 14C, which contains the oil field.
GPC and its partners expect the two new wells in the contract area to boost production from Galoc's existing two wells. Galoc is producing roughly 6,000 barrels per day, which would double once the new wells start production.
Galoc, which has churned out over 10 million barrels of crude since 2008, is the only oil-producing site in the country of commercial scale.
Price action only proves that the market is forward looking ONLY on blue chips / index stocks, and not on 2nd/3rd liner stocks. I've seen everything in MARC, the same thing happened. There are (impatient) sellers at 1.80 level, kesyo bagsak daw ang nickel, and there is oversupply in the nickel market (despite the good earnings disclosure), only to see the stock almost double in price in just a month.
For sure na ang 10k to 12k barrels per day, it's a no brainer.
Then add in 15k to 35k bopd in West Linapacan (SC14C-2) in 2015...
http://rma.cloudsites.net.au/projectgal ... ject1.aspx
Then add this project to the mix:
http://rma.cloudsites.net.au/ProjectGal ... ject2.aspx
Not unless sobrang magaling talaga ang market, they are forecasting that oil (including natural gas) will be obsolete in 20 years time...
Show me the money!!!
FOCUS | Gas boom to reshape US role in Asia, says study Gagawin kitang alkansiya ko OV!
By: Shaun Tandon, Agence France-Presse
November 8, 2013 9:43 AM
WASHINGTON DC - A boom in gas production will reshape the US role in Asia and could fuel new tensions with a growing, energy-hungry China, a new report says.
US foreign policy has historically been based largely on demand for outside energy, with Washington closely allying itself with oil-rich Arab monarchies.
But a major increase in gas production -- in part through the controversial practice of "fracking" deep underground -- has given the United States the prospect not just of energy independence but of playing a Middle Eastern-style strategic role as an exporter, according to industry forecasts.
A report by the Seattle-based National Bureau of Asian Research predicted soaring demand from the continent -- led by China -- for imported gas.
Despite rapid growth, Asia relies on natural gas for just 11 percent of its energy use, far lower than the 30 percent global average, the study said.
Four Western nations -- the United States, Canada, Australia, and Norway -- could control 40 percent of the world's natural gas supply by 2020, said Nikos Tsafos, an expert at consultancy PFC Energy who contributed to the report.
"If you're sitting here in Washington DC, that could seem like a good thing. If you're sitting in Beijing, you may not think so," he said at the launch of the report in the US capital.
Tsafos expected that China's suspicions of US intentions would grow, pointing to the backlash in Beijing when US lawmakers' concerns about national security led China to drop a bid to acquire former US oil giant Unocal in 2005.
If its worries about the United States mount, China may increasingly look to neighboring Russia for energy or farther afield to countries such as Sudan, Venezuela, or Iran, the report said.
Amy Myers Jaffe of the University of California-Davis said that China -- traditionally focused on Taiwan and other nearby interests -- may calculate that it needs to develop its military to secure far-flung oil and gas installations.
"The United States will be able to use its energy abundance as a means to promote its global vision," she wrote, saying that Washington may pursue a "more assertive" foreign policy.
"But it must also consider how its changed energy situation will influence China's military calculus," she wrote.
Mikkal Herberg of the University of California-San Diego noted that the rise in US energy security comes as the war-weary country cuts its military budget.
Asian nations, however, still rely on oil and liquefied natural gas from the Middle East.
A reduction of the US role in the region "would have important implications for Asia, since much of its imported oil and LNG comes from the Middle East and is secured by US power in the region and protection of sea lanes from the Middle East to Asia," he wrote.
US President Barack Obama has already declared a "pivot" strategy of putting a greater focus on Asia, which he has said is key to the US future.
China has been seeking in the medium-term to reduce its overwhelming dependence on coal, one of the dirtiest forms of energy which is linked to the country's notoriously poor air quality as well as climate change.
China has been pursuing renewable energy such as solar, but gas has grown more attractive as prices drop.
Japan, Asia's second largest economy and a US ally, has also been on the prowl for foreign energy after the Fukushima disaster in 2011 led it to shut down nuclear reactors.
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