Author Topic: Trans-Asia Oil and Energy Development Corporation  (Read 746 times)

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Trans-Asia Oil and Energy Development Corporation
« on: June 03, 2010, 06:24:23 PM »
By MYRNA M. VELASCO
Manila Bulletin

Publicly-listed Trans-Asia Oil and Energy Development Corporation has entered separate agreements with Australian firm Frontier Gasfields Pty. Ltd. for two of its oil and gas exploration ventures.

In a disclosure to the Philippine Stock Exchange, Trans-Asia noted that it entered into an option agreement with the Aussie firm for its Service Contract 55 in west Palawan; and farm-in option agreement for its Service Contract 69.

It noted that the agreement relating to SC55 “grants Frontier the option to acquire from Trans-Asia a five-percent participating interest” in the exploration venture.

The firm qualified that the interest for Frontier’s acquisition “may be acquired by Trans-Asia from its current SC 55 partner by virtue of a separate agreement.” SC has 15 percent equity in SC 55.

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