Philex Petroleum Corp. said it will partially settle $10 million for its $59.4-million debt with Philex Mining Corp.
”Philex Petroleum Corp. will partially settle the debt by paying $10 million in cash,” Philex Petroleum Corp. said in a disclosure from the Philippine Stock Exchange (PSE) Monday.
The payment, which amounts to P2.6 billion, was approved by Philex Petroleum Corp. on June 26.
Philex Petroleum Corp. has pledged its shareholdings in Forum Energy Plc and Pitkin Petroleum Plc, if it does not secure the remaining debt of $49.4 million with Philex Mining Corp.
”For Philex Petroleum to secure the outstanding portion of the debt (after the partial payment of $10 million) by pledging the Company’s shareholdings in Forum Energy Plc and in Pitkin Petroleum Plc,” the company said.
Philex Petroleum holds a direct and indirect interest in Forum Energy Plc. at 67.19 percent, while owns direct interest in Pitkin Petroleum Plc. at 53.43 percent.
It will also hold a special stockholders meeting to approve the pledge of shares on August 11, 2015.
On June 24, Philex Petroleum said it will acquire 2.39 million shares for P34 million from Forum Energy Plc’s shareholders at 20 pence each or P14.21.
Philex Petroleum is an oil and gas exploration company operating mainly in the Philippines.
It also holds indirect oil and gas exploration assets located in Peru.