ENEX Energy Corp., the oil and gas exploration arm of the Ayala Group.’s ACEN Corp., said Thursday its shareholders have approved the increase in its capital to P1.3 billion to create 300 million preferred shares and address the deficit in the company’s shareholder equity.
ENEX ended last year with a negative shareholder equity of P112.5 million, wider than the previous year, as company losses continued to mount.
The company has a 7.78 percent interest in Service Contract 6 Block A in Northwest Palawan and 75 percent in Service Contract 55 in offshore West Palawan through a subsidiary.
SC 55 is yet to be developed but estimated to contain recoverable reserve of 2.8 trillion cubic feet of natural gas and 370 million barrels of oil.
Meantime, SC 6A refers to the Octon block, which was discovered and tested in the early 1990s but yet to be developed. It has an estimated in-place reserve of around 15-23 billion cubic feet of natural gas and 9-12 million barrels of oil.
Meanwhile, former Globe Telecom president and chief executive officer Gerardo Ablaza Jr. was appointed chairman of ENEX’s board and chairman of its executive committee. ENEX president and CEO John Eric Francia was appointed vice chairman of the board while Ma. Aurora D. Geotina-Garcia was appointed as the lead independent director.
Aside from Geotina-Garcia, also elected as independent director of ENEX are Melinda L. Ocampo, Alberto A. Lim, and Mario Antonio V. Paner.
