Ongpin-led Atok-Big Wedge Co. Inc. swung to a net income of P6.68 million last year from a net loss of P41.9 million in 2010, boosted by one-time gains from the sale of a subsidiary and the acquisition of a substantial stake in Forum Energy Plc.
During the company’s annual stockholders meeting Friday, Atok president Walter Brown said revenues went up 53 percent to P42.2 million.
The turnaround in its financial performance was also attributed to the reduction in the firm’s general and administrative expenses from P68.87 million to P35.52 million.
Brown said the company’s growth momentum will continue this year as it expects to benefit from its indirect investment in Forum, a United Kingdom-based gas and oil exploration and production company which has a 70 percent equity in Service Contract 72 covering the Sampaguita offshore gas project located off the north west coast of Palawan.
In October 2011, Atok acquired 100 percent of Tidemark Holdings Ltd, a Hong Kong company that owns 25.92 percent of Forum’s outstanding capital.
Brown reported that the interpretation of SC 72’s seismic program was already completed and that the results were encouraging. A drilling program is slated to begin early December this year.
SC 72 is a joint venture between Forum Energy and Monte Oro Resources and Energy Inc. Philex Petroleum has a 64.45 percent direct and indirect interest in Forum Energy which was acquired before Ongpin sold his stake in PPC parent company Philex Mining Corp.
Outside the Philippines, the company was granted authority to establish a representative office in Laos in April 2011.
http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=799687
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Showing posts with label Hydrocarbon exploration. Show all posts
Showing posts with label Hydrocarbon exploration. Show all posts
Monday, April 23, 2012
Tuesday, September 21, 2010
Stock News 2010: Nido Petroleum finds major oil and gas find in Palawan
MANILA, Philippines - Australian oil and gas exploration company Nido Petroleum Ltd. said it has discovered a potentially big oil and gas reservoir in northwest Palawan.
In a disclosure to the Australian Stock Exchange on Tuesday, Nido said it estimated that structures at its Service Contract 58 or the West Calamian block in Palawan, could contain "over 5 billion barrels of unrisked oil in place."
The Calamian block, straddling 13,440 square kilometers, is adjacent to the Malampaya natural gas field.
"The majority of core data indicates widespread micro-seepage of liquid hydrocarbons across SC 58 based on preliminary gas chromatography results," the company said.
The oil and gas exploration company previously reported it planned to start drilling the Calamian prospect by 2012.
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- Aussie firm ships 194,000 barrels of crude oil to South Korea (business.inquirer.net)
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- Stakes in natural gas,exploration firm not for sale-Manila (reuters.com)
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