Atok infuses add’l $2 M into Forum

MANILA, Philippines - Listed mining firm Atok-Big Wedge Co. Inc. has infused an additional $2-million capital in London-listed Forum Energy Ltd. to remain as the second biggest shareholder in the oil and gas exploration firm.

In a disclosure yesterday, Atok said its wholly-owned subsidiary Tidemark Holdings Ltd. subscribed to 6,666,667 new shares of Forum at $0.30 per share. Prior to the acquisition, Tidemark held a 27.14 percent stake in Forum.

“Together with the subscription simultaneously made by the other major shareholder of Forum, this new subscription will result in the company owning 20 percent of Forum,” the disclosure said.

“At 20 percent, it remains a significant shareholder and the second biggest shareholder,” it added.

The other major shareholder is PXP Energy Corp., the Pangilinan-led upstream oil and gas firm, which also subscribed to 39,350,920 new ordinary shares of Forum.

Following the acquisition, PXP now has a total direct and indirect interest in Forum of 77.5 percent, up from 67.5 percent.

Forum holds the license to Service Contract (SC) 72, an 8,800-square-kilometer area west off Palawan (Recto Bank) and is estimated to contain prospective resources of natural gas and oil.