Published March 25, 2017, 10:01 PM By Myrna M. Velasco
Pangilinan-led PXP Energy
Corporation (formerly Philex Petroleum Corporation) has increased its direct
shareholdings in United Kingdom-listed Forum Energy Ltd. to 69.5 percent, more
than 20-percent hike from 48.8 percent previously.
This new transaction amounted to
US$11.805 million at $0.30 per share, according to PXP Energy’s disclosure at
the Philippine Stock Exchange.
The acquisition, it said, was “funded
through the conversion into equity of a portion of the company’s $18.3-million
loan to a subsidiary of Forum.”
The company added that the deal
“increases PXP’s total direct and indirect interest in Forum from 67.5 percent
to 77.5 percent.”
It specified that “the additional
interest was acquired through a subscription to 39,350,920 new ordinary shares
of Forum.”
Additionally, Tidemark Holdings Ltd.
has subscribed to 6,666,667 shares of Forum for the amount of $2.0 million –
which it had paid for in cash.
“As a result of these transactions,
Tidemark’s Holdings in Forum decreased from 27.1 percent to 20 percent,” PXP
Energy has noted.
Forum Energy is the corporate
vehicle pursuing exploration and prospective development of the Reed Bank
petroleum prospect that is under Service Contract (SC) 72 with the Philippine
government via the Department of Energy.
The block covers an 8,800 square
kilometers of offshore petroleum license straddling west of Palawan island in
the West Philippine Sea.
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