PETROENERGY Resources Corp. (PERC) has allocated P38.88 million for the expansion of its oil exploration facilities located in offshore Gabon in West Africa.
In a disclosure to the Philippine Stocks Exchange (PSE) on Wednesday, PERC said the amount was sourced from the proceeds of its stock rights offering (SRO) of common shares for the quarter ended June 30.
The company raised P599.6 million from the SRO, which was undertaken from May 11 to 15, 2015.
PERC has completed two new platforms in southeast and central Etame, where its oil production could go up to 25,000 barrels per day. The expansion is expected be achieved after the drilling campaign this November.
The two new platforms and the drilling of six wells cost $525 million while PERC’s share in the expansion project is $13 million.
It said the consortium, led by Vaalco Energy Inc., has recovered about $323 million of the expansion cost.
Francisco Delfin Jr., PERC vice president, earlier said the company would shell out its investment this year through its working interest in the Etame Marin Production Sharing Contract.
PERC owns 2.5 percent of the Etame petroleum service contract in Gabon, West Africa.
Vaalco Energy operates the field along with other consortium members Sojitz Etame Ltd., PanOcean Energy Gabon Corp., Sasol Petroleum West Africa Ltd. and Energy Africa Gabon SA.