Monday, April 10, 2017

PXP Energy raises stake in Forum to 69.5%

Posted on March 25, 2017

LISTED PXP Energy Corp. said it raised its stake in British oil and gas firm Forum Energy Ltd to 69.5%, from 48.8% previously.

This increases PXP’s total direct and indirect interest in Forum Energy to 77.5%, from 67.5%, according to the former’s Friday regulatory filing.

The new shares were acquired by subscribing for 39,350,920 new ordinary shares of Forum, issued at around $0.30 per share for a total consideration of $11.805 million which was funded by conversion into equity of a portion of the company’s $18.3 million loan to a subsidiary of Forum Energy.

Also, Hongkong-based Tidemark Holdings Ltd., a wholly-owned subsidiary of Atok-Big Wedge Co., Inc subscribed for 6,666,667 shares of Forum Energy worth $2 million, paid for in cash.

As a result of these transactions, Tidemark’s holding in Forum Energy was cut to 20% from 27.1%.

PXP directly and indirectly owns oil and gas exploration and production assets located in the Philippines, and indirectly owns an exploration asset located offshore Peru.

On Friday, PXP shares rose 6.51% to close at P3.11. -- Janina C. Lim

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