Petrofields unit to list P84.25M worth of shares

Petroenergy Resources Corp., a subsidiary of the Yuchengco-controlled Petrofields Corp., is seeking to list P84.25- million worth of shares by way of introduction.

Petroenergy obtained the approval of the Securities and Exchange Commission (SEC) of its entire outstanding capital stock of 84.25 million common shares with a par value of P1 per share. The shares will be listed at the second board of the Philippine Stock Exchange (PSE).

In May 2003, the company restructured its capital through an eight to one reverse stock split, resulting in the reduction of the outstanding capital stock from P674.03 million to P84.25 million and creation of additional paid-in capital of P589.77 million.

To eliminate the deficit, Petroenergy applied its additional paid-in capital against the Dec. 31, 2002 deficit amounting to P22.75 million.

Since its reorganization, Petroenergy has been categorized as a public company. It now has a total of 3,138 stockholders.

Officers and directors of the company include Delfin Lazaro (chairman), Cesar Buenaventura, Rizalino Navarro, Helen Dee, Milagros Reyes, Basil Ong, and Yvonne Yuchengco.

Among its exploration projects are the Octon-Barselia which is covered by service contract 6A (SC6A) wherein it has a participating interest of five percent; South Sulu (SC41) — 1.19 percent; Ragay Gulf Area (geophysical surveyand exploration contract 76) — 2.31 percent; Southwest Palawan Area (GSEC91) — 2.94 percent and West Palawan-Reed bank area (GSEC 94 — five percent.

Petroenergy also has an interest in the VAALCO Offshore Gabon Oilfield Development Project. VAALCO Energy, Inc., the project sponsor, is a small, publicly traded, independent exploration and development energy company based in Houston, Texas. Its wholly owned subsidiary, VAALCO Gabon (Etame), owns 28.1 percent of the production license for the Etame Marine permit area and will act as operator of the project.

The total project cost is estimated at $98 million, including $33 million of prior capital investment. VAALCO’s share of the total costs is $28 million.

The proposed investment is $18 million, comprising an A and B Loan of $9 million each, to fund VAALCO’s contribution to future costs.