Published on Monday, 06 May 2013 19:48 Written by Lenie Lectura
PNOC-Exploration Corp. (PNOC-EC) has been awarded with three coal operating contracts (COCs) by the Department of Energy (DOE).
PNOC-EC is just waiting for signed COCs from Energy Secretary Carlos Jericho Petilla.
COC 184 or Area 19B is in Trento, Agusan del Sur, and Lingig, Surigao del Sur. This covers an area of 3,000 hectares spread over three blocks.
COC 185 or Area 29, meanwhile, covers an area of 2,000 hectares over the municipalities of Buug and Malanga, in Zamboanga Sibugay. This includes two coal blocks which are in the northeastern part of the Malangas coal district where PNOC-EC’s underground coal mines are currently operating in the development and production phase.
COC 186 or Area 30A is composed of five blocks and covers an area of 5,000 hectares. These coal blocks are in the municipalities of Imelda and Malangas, also in Zamboanga Sibugay.
PNOC-EC is the petroleum and coal unit of PNOC. It holds a 10-percent stake in the Malampaya gas field that supplies fuel to three power plants.
PNOC-EC’s public float stands at about less than one percent. The rest are held by the government through PNOC. To comply with the 10-percent minimum public ownership rule of the Philippine Stock Exchange, PNOC-EC needs to sell more than 9 percent of its total shares. source
Lenie Lectura
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