Atok acquires 20% of Forum Energy Limited

April 4, 2017

Atok Big Wedge said in a disclosure to the Philippine Stock Exchange on Tuesday it has acquired 20 percent of Forum Energy Limited. Forum has the license to Service Contract 72, an 8,800-square kilometer area west of Palawan, which is also known as Recto Bank. It is also involved in Service Contract 40, and Service Contracts 6 and 14. “(Recto Bank) is estimated to contain prospective resources of natural gas and oil,” the disclosure said. The acquisition of 6,666,667 new shares of Forum at $30 a share which was done through its wholly-owned subsidiary Tidemark Holdngs Limited, was achieved on March 22. “Together with the subscription simultaneously made by the other major shareholder of Forum, this new subscription will result in the Company owning 20 percent of Forum,” the disclosure said. “Tidemark signed the subscription agreement and remitted the subscription price to Forum. Forum will make the necessary filings with the U.K. Companies House and thereafter issue the share certificate in the name of Tidemark Holdings Limited,” it added. DMS