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.
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