The
last week of April is an amazing trading period of the month. It’s because of the confirmed news about the
oil exploration result of the Service Contract # 72 (SC72), a part of Reed or
Recto Bank in the oceans of Palawan, Philippines. Accordingly, more than 4 TCF (trillion cubic feet)
of natural oil reserve is discovered in the area. The company involved in the said feasibility
study is Philex Petroleum Corporation, a sister company of Philex Mining.
Within
just 2 days of trading, price per share of the company rose to more than double
its previous price. Some investors are
weary if ever China will react on the said news. The location of the reserved oil is a
disputed area claimed by other nations like China, Taiwan and Japan as part of
their territory. Other speculators say
that the place is safe as it was clearly belongs to the Philippine land. The Philippine government should protect this
resources as it was claimed that the more positive quantity of the oil find is
11 TCF(trillion cubic feet) which is equivalent to 291 million barrels of oil
and liquid. It was reported in this news-link =
http://www.abs-cbnnews.com/business/04/26/12/natgas-recto-bank-
enough-last-century.
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