Manila, Philippines — Atok-Big Wedge, Co. Inc. (Atok) reported a strong performance in 2011, with revenues growing by 53 percent to P42.2 million while comprehensive income improved 120 percent to P8.4 million.
During his presentation at the annual meeting of shareholders Atok president Walter W. Brown attributed the revenue surge to the sale of Atok Gold Mining Co., Inc. and the acquisition of a stake in Forum Energy Plc (Forum).
In June 2011, Atok sold its entire interest in Atok Gold, a wholly-owned subsidiary, to Progressive Development Corporation, which is part of the Araneta Group of Companies.
In October 2011, Atok acquired 100 percent of Tidemark Holdings Limited, a Hong Kong company that owns 8,646,757 ordinary shares of Forum, representing approximately 25.92 percent of its outstanding capital.
Forum, a United Kingdom-based gas and oil exploration and production
company, has a 70 percent equity in Service Contract No. 72 (SC72) covering the Sampaguita offshore gas project located off the North West coast of Palawan.
The interpretation of the seismic program was completed in April 2012. Formal presentation shall be available within a few days, after proper regulatory clearances have been obtained.
However, Brown said results are quite encouraging. A drilling program is scheduled to begin early December 2012.