ORIENTAL Petroleum and Minerals Corp. said it failed to secure the required attendance for a valid vote to amend its secondary business purpose to include power generation.

In a disclosure to the exchange Friday, the company said: “The meeting was adjourned to a later date due to lack of quorum. The Corporation will send out notice to Stockholders with the same agenda once date has been determined,” it said.

The special stockholders meeting set on Jan. 18, 2018 was to amend the company’s articles of incorporation to extend its corporate term for another 50 years.

Oriental Petroleum was also to vote on amending its secondary purpose to “invest or engage generally” in the power generation business.

The company also wants to expand to “exploration, development, utilization and commercialization” of renewable energy resources such as biomass, solar, wind, hydropower, geothermal and ocean energy.

Included in its plan is the application of hybrid systems and other emerging renewable energy technologies for the generation, transmission, distribution, sale and use of electricity and fuel generation from renewable energy resources.

The exploration company’s is operational activities depend principally on its service contracts (SC) with the government. Its petroleum revenues and production and related expenses are derived from SC 14 contract area, which is composed of four blocks.

Of these blocks, only the blocks of Nido, Matinloc and Galoc are in operation. West Linapacan is under evaluation for re-activation after it was shut-in in 1991 because of water intrusion, and Block D is designated as the retention block.

Oriental Petroleum has three subsidiaries: Oriental Mahogany Woodworks, Inc., Linapacan Oil Gas and Power Corp., and Oriental Land Corp.

On Friday, shares in the company were unchanged at P0.013. — Victor V. Saulon

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