Bilyonaryo Manny V. Pangilinan-led PXP Energy Corp. has taken full ownership of Pitkin Petroleum Ltd. (PPL), a company which holds a 25 percent participating interest in Peru Block Z-38.
From a 53.43-percent stake, PXP Energy said it has raised its stake in PPL with the acquisition of all remaining 46.57 percent interest for $3.5 million.
PPL now becomes a wholly-owned subsidiary of PXP.
PXP Energy said the transaction was implemented through a share repurchase arrangement with the minority shareholders.
It said the acquisition is part of its continued efforts on streamlining the corporate structure of subsidiaries involved in overseas oil and gas exploration projects.
PPL is a UK-registered upstream oil and gas company with operations in Peru.