Trans Asia gets 6-mo extension

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. has secured approval from the Department of Energy (DOE) to extend its exploration activities in Service Contract 51 at the East Visayas Basin in Leyte, the company disclosed yesterday.

Trans-Asia informed the Philippine Stock Exchange that “the DOE approved the consortium’s request for a six-month extension of the term of the current exploration until Jan. 31, 2013.”

The company said the extension was granted to allow the completion of the ongoing 2D seismic program covering the onshore Northwest Leyte sector of the contract area.

Raymundo Reyes Jr., Trans-Asia senior vice president, said the acquisition of 102 kilometers of 2D seismic data over the Duhat prospect was completed early this month.

The company official said the processing of the data is now in progress.

Otto Energy, the operator of SC 51, disclosed to the Australian Stock Exchange that it is planning to drill the Duhat-2 well in 2013.