By Juzel L. Danganan
MANILA, Jan 7 (PNA) – Trans-Asia Petroleum Corporation said the Department of Energy (DOE) approved the extension of exploration Sub-Phase 3 on Service Contract 69 until May 7, 2015.
”Please be informed that the Department of Energy extended the term of the current exploration Sub-Phase 3 to 7 May 2015,” the company said in a disclosure with the Philippine Stock Exchange (PSE) Wednesday.
Trans-Asia added the consortium can still decide until April 7 whether it will enter Sub-Phase 4, which commits to undergo drilling an exploration well or conducting a 3D seismic survey.
Trans-Asia noted it has a 50 percent participating stake in Service Contract 69.
It has previously been reassigned some of Otto Energy Philippines Inc’s stake, which is also the previous service contract operator. Through the transaction, Trans-Asia gained a 50 percent interest share on Service Contract 69.
On the other hand, Frontier Oil Corporation also has a 50 percent stake on the service contract, after assuming the role of operator from Otto Energy since Dec 2014.
Service Contract 69 covers a 7,040 square kilometres area, located in offshore Central Visayas, surrounded by the Cebu, Bohol and Leyte islands.
Trans-Asia Petroleum is a wholly-owned subsidiary of Trans Asia Oil & Energy Development Corporation (TA Oil) with a primary purpose to engage in the domestic and international business of oil and gas exploration, development, and production. (PNA)