MVP adds Eric Recto, Ray Espinosa, Pong Ponferrada to expanded PXP boardroom

PXP Energy Corp. of bilyonaryo Manny V. Pangilinan is adding more seats to its boardroom following its P1.557 billion shares swap with Tidemark Holdings, a subsidiary of Atok-Big Wedge owned by the family of the late Bobby Ongpin.

PXP has nominated Ongpin nephew, Eric Recto, Atok-Big Wedge president and Alphaland president Rodolfo “Pong” Ponferrada as directors along with Pangilinan’s protege, former Meralco president Ray Espinosa.

PXP is raising its board seats from 10 to 13 as part of its deal to swap 430.244 million shares (18 percent of the company) to Tidemark in exchange for the latter’s 24.125 million shares in Forum Energy Limited (FEL).

FEL is the designated operator of Service Contract No. 72 with a 70 percent share in Service Contract 72 which covers the oil and gas rich area of the disputed West Philippine Sea. Monte Oro of ultra bilyonaryo Ricky Razon holds the remaining 30 percent.

The shares swap will increase PXP’s effective interest in SC72 from 54.5 percent to 68.5 percent.

PXP stated that the share swap will facilitate future discussions with potential partners once the force majeure (imposed due to the rising tension between the Philippines and China) in SC72 is lifted. Additionally, it will broaden PXP’s funding base for a potential equity fundraiser.

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