PNOC-EC intends to stay listed

MANILA, Philippines – PNOC Exploration Corp. (PNOC-EC), the upstream oil, gas and coal subsidiary of state-owned Philippine National Oil Company (PNOC), is set to meet the Philippine Stock Exchange’s (PSE) public ownership requirement and stay listed.

In a disclosure to the bourse, the company said it intends to meet the PSE’s 10% minimum public float rule. PNOC-EC was one companies whose shares were suspended by the PSE in January for failing to meet the requirement. 

“We confirm that PNOC-EC is working to comply with the 10% public ownership rule within the deadline set by the Exchange,” the company said.

Currently, the company’s public float is at 0.21%. “They’ll try to comply with 10%… The direction is to try to comply as much as possible and then hopefully it can be listed back again or ask for another extension,” said Energy Secretary Carlos Jericho Petilla. 

The company has interests in the 8 petroleum service contract (SC) areas. It is engaged in SC 38 (Malampaya), SC 37 (Cagayan), SC 47 (Offshore Mindoro), SC 43 (Ragay Gulf), SC 57 (Calamian), SC 58 (West Calamian), SC 59 (West Balabac) and SC 63 (East Sabina).

Last February 15, the PNOC-EC’s consortium with Pangilinan-led Philex Petroleum Corp. won a contract to explore for oil and gas in Area 4 northwest of Palawan. The companies received the contracts under the Department of Energy’s 4th Philippine Energy Contracting Round (PECR4). – Rappler.com