Exploration firm Frontier Oil mulls IPOBy Doris C. Dumlao |Philippine Daily Inquirer
MANILA, Philippines—Oil and gas exploration firm Frontier Oil Corp. plans to debut on the Philippine Stock Exchange this year and has mapped out a recapitalization program as a preparatory exercise to its initial public offering.
In a press statement on Wednesday, Frontier Oil announced that the Securities and Exchange Commission had approved an increase in the company’s authorized capital stock to 2.7 billion shares with a par value of P1 each. This marked an increase of about 13 times the previous capital base of 204 million shares with a par value of P1 each.
“Frontier sought the increase in the company’s capital stock preparatory to a planned listing on the Philippine Stock Exchange his year,” Frontier chief executive officer Kris Fellowes said in a press statement.
“We have been working closely with the PSE for some time now advancing our listing intentions towards completion. I believe Frontier was the first—certainly among the first—to encourage a change in the listing rules applying to oil and gas companies to allow for a simplified listing procedure. This change will create more active investment opportunities for local and international investors and a more dynamic oil and gas industry in this country,” Fellowes said.
Frontier is a dedicated oil and gas exploration company with a 20-year history, through its founders, in oil and gas projects in the Philippines. It has an interest in a suite of oil and gas projects, both onshore and offshore, ranging from near-term production opportunities to extremely large exploration plays. A company subsidiary is also involved in the development of gas recovery projects in China.