By Juzel L. Danganan
MANILA, July 3 (PNA) – The Department of Energy (DOE) has approved the reassignment of participating interest of Cosco Capital Inc. on six exploration projects to Alcorn Petroleum and Minerals Corp. (APMC) .
In a disclosure to the Philippine Stock Exchange (PSE) Friday, Cosco Capital said “the DOE has finally approved the transfer of all participating interests of Cosco Capital, Inc. in its various petroleum service contracts in the Philippines to its subsidiary company, Alcorn Petroleum and Minerals Corp”.
The reassignment includes the block and stakes in Service Contract (SC) 6A-Octon at 0.50 percent; SC 6B-Bonita at 7.03 percent; SC14B1-North Matinloc 13.55 percent; SC 14C2-West Linapacan at 1.53 percent; SC 14D-Retention Area at 5.84 percent and SC 51 at 9.32 percent.
Cosco has also noted it will transfer the responsibility and work commitments on the six blocks to APMC.
However, it said the transfer of participating interest from other companies, in the future, would also move from Cosco Capital to APMC.
Last June 2014, Cosco Capital formalized a Deed of Assignment of Rights and Interests to APMC, which was described as part of the company’s corporate restructuring.
It gives Alcorn Petroleum the authority to decide on the oil and mineral service contracts held in the provinces of Palawan, Leyte and Iloilo. The deed also gives privileges and duties and obligations to APMC.
In the same deed of assignment, the 100 percent participation interest in its mineral contract EP 007-2010-VI, which is located in Concepcion, Iloilo was also turned over to Alcorn Petroleum. (PNA)