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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