By Juzel L. Danganan
MANILA, Apr 17 (PNA) — Trans-Asia Petroleum Corporation has advanced the exploration stage in Service Contract 69, to drill one well in Camotes Sea, Visayas-Service Contract 69.
”Please be informed that Trans-Asia Petroleum Corporation and its partner, Frontier Gasfields Pty. Ltd., jointly notified the Department of Energy of their election to enter exploration Sub-Phase 4 covering the period 7 May 2015 to 7 May 2016,” Trans-Asia Oil and Energy Development Corporation disclosed at the Philippine Stock Exchange (PSE) Friday.
Trans-Asia noted Sub-Phase 4 is either the drilling of one exploratory well with a minimum cost of USD 3 million.
It could also be a USD 2 million 3D seismic survey.
The company added that TAPET and FGL will switch roles, as TAPET will be SC 69’s operator on May 7, 2015.
Last January, The Department of Energy (DOE) allowed the extension of Sub-Phase 3 until May 7, 2015.
It has previously received some of Otto Energy Philippines Inc’s stake in the fields, which is also the previous service contract operator.
Through the transaction, Trans-Asia gained a 50 percent interest share on Service Contract 69.
Service Contract 69 covers a 7,040 square kilometres area, located in offshore Central Visayas, surrounded by the Cebu, Bohol and Leyte islands.
TA 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)