LISTED Cosco Capital Inc. has transferred its stake in all its petroleum service contracts in various parts of the country to wholly owned subsidiary Alcorn Petroleum and Minerals Corp. (APMC).
The holding firm of retail tycoon Lucio Co made the transfer after being given the green light by the Department of Energy (DOE).
The reassignment includes the block and stakes in Service Contract (SC) 6A-Octon at 0.50 percent; SC 6B-Bonita at 7.03 percent; SC14B1-North Matinloc 13.55 percent; SC 14C2-West Linapacan at 1.53 percent; SC 14D-Retention Area at 5.84 percent and SC 51 at 9.32 percent.
With the stake transfer, APMC assumes the responsibilities and work commitments of Cosco under the six service contracts.
“All future reversions of participating interest currently assigned to other parties shall also be assigned and transferred by Cosco to APMC,” the company added.
In June 2014, Cosco formalized a Deed of Assignment of Rights and Interests to APMC.
The deed gives APMC the authority to decide on the oil and mineral service contracts held by Cosco in the provinces of Palawan, Leyte and Iloilo.
The deed also transfers Cosco’s privileges, duties and obligations to APMC.
In the same deed of assignment, Cosco’s 100 percent participating interest in mineral contract EP 007-2010-VI, which is located in Concepcion, Iloilo, was also turned over to APMC.
The transaction is in line with the corporate restructuring of Cosco which has been ongoing since May 2013.
Previously known as Alcorn Gold Resources Inc., Cosco became the holding firm for Co’s businesses after a P74.81-billion share-swap transaction.
Cosco’s interests range from retail through Puregold Price Club Inc. to real estate, liquor distribution, and oil storage.