Monday, February 19, 2018
Close  
  • share this

Exploration firm Frontier Oil mulls IPO

/ 05:53 PM January 16, 2013

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.

ADVERTISEMENT

“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.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Frontier Oil Corp., initial public offering (IPO), Markets and Exchanges, oil and gas, Philippines
For feedback, complaints, or inquiries, contact us.
newsinfo

50 more student-athletes get sick in sports meet

February 20, 2018 05:30 AM

newsinfo

Armyworms ravage onion farms in Pangasinan

February 20, 2018 05:28 AM

newsinfo

In Laguna, drivers join protest vs jeepney phaseout

February 20, 2018 05:27 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved