Philex Petroleum to raise $75M for Recto Bank exploration

Posted at May 18 2012 10:29 AM | Updated as of May 18 2012 06:29 PM

Philex Petroleum needs to raise money to fund the $75 million exploration project in the Recto Bank (Reed Bank). Philex Petroleum chairman Manuel V. Pangilinan says it will be a favorable time for the group to tap the capital market, following its inclusion in the MSCI small cap index. The company is scheduled to drill 2 wells next year. [email protected], May 18, 2012

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