Ongpin-led group gets SEC nod for oil, gas exploration activities

MANILA, Philippines - Tidemark Energy Corp., a newly-established P1 billion company that will serve as the vehicle for oil and gas exploration activities of the group led by former trade and industry minister Roberto V. Ongpin, has obtained a corporate license from the Securities and Exchange Commission (SEC).

Documents filed with the SEC show that out of the P1 billion authorized capital stock, P250 million has been subscribed.

With P1 billion in cash, Tidemark is looking at seven mining areas including projects in Cambodia as it positions itself in the highly extensive oil and gas industry.

The target oil exploration assets are mostly located in the southwest oil basin of the Philippines.

Listed mining firm Atok Big Wedge, which the Ongpin group acquired last year, will take charge of the mining business, with particular focus on copper gold given a low start-up capital requirement.

The group earlier confirmed it was interested in some of the assets of listed mining and property developer Omico Corp., which is undergoing development of the Macawiwili mining property in Itogon, Benguet following the withdrawal by Canadian mining firm Ivanhoe Mines Ltd from a joint venture agreed upon in April 2007. Under the aborted deal, Ivanhoe was supposed to invest initially up to $5.45 million in the exploration of the Itogon mine.

The acquisition of Omico’s mining assets would be a good fit for Atok, whose subsidiary Atok Gold Mining Co. Inc. controls a mine near Baguio City with a projected startup volume of 50 tons to 75 tons.

Ongpin’s group, which includes British investment firm Ashmore acquired at least 80 percent of Atok in 2009.

The Ongpin-Ashmore Group’s investment portfolio in the Philippines also includes Philweb Corp, ISM Communications Corp., San Miguel Corp., and Macondray Corp.