PHILEX Petroleum Corp. (PPC), the oil and gas exploration arm of Philex Mining Corp., is seeking approval from the Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) to proceed with a plan to list its shares.

In a disclosure to the Philippine Stock Exchange, Philex Mining said its board approved PPC’s plan to seek SEC approval of the registration of shares and PSE’s go-signal to list by way of introduction.

An introduction is an application for listing of shares already in issue where no marketing arrangements are required. The PSE requires companies listing by way of introduction to conduct an initial public offering within one year from listing date.

“We believe that the listing of the PPC shares will make the value of the petroleum and energy assets of Philex Mining more visible, and allow such assets to realize their full value outside of the Philex Mining share value,” said Manuel V. Pangilinan, Philex Mining chairman and chief executive, said.

For this reason, Philex Mining said its board has already approved the declaration of a dividend composed of shares of stock of PPC and cash for stockholders on record as of June 8, 2011.

The dividend will be at the ratio of one PPC share for every eight Philex Mining shares and cash of P0.052 for each Philex Mining share.

Philex Mining said the PPC shares to be distributed constitute approximately 36 percent of its current outstanding capital to be held directly by the existing shareholders of Philex Mining rateable to their interest as of record date.

Philex Mining added that it will retain 64-percent interest after the dividend declaration.

PPC controls Forum Energy Plc., a UK company that has a 70-percent interest in Service Contract (SC) 72 which covers the Sampaguita natural gas discovery, as well as participating interests in various service contracts. PPC also owns 18.46 percent of Pitkin Petroleum Plc.; 10.31 percent of PetroEnergy Resources Corp.; 100 percent of Brixton Energy and Mining Corp., a coal mining company currently operating in northern Mindanao; and has overriding royalty interest in SC 6 (Cadlao) and a participating interest in SC 6A (Octon).

Recently, Forum Energy completed a seismic survey of the SC 72 contract area in offshore west Palawan, by which the hydrocarbon potential of the area could be better assessed. Pitkin Petroleum, on the other hand, has reported encouraging results from its recently completed appraisal program in Block 07/03 in offshore Vietnam. It has petroleum concession interests also in Peru, the Philippines and the United States.