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.