MANILA, Philippines - Trans-Asia Petroleum Corp., a subsidiary of Trans-Asia Oil and Energy Development Corp., has entered into a deal with Frontier Energy Ltd. and Frontier Oil Corp. for a participating interest in Service Contract 50.
Trans-Asia Oil is the power generation company of the Phinma Group.
In a disclosure to the Philippine Stock Exchange Trans-Asia Oil said its unit has acquired a 10-percent participating interest in SC 50 through a memorandum of agreement with Frontier Energy and Frontier Oil, which together holds 100-percent interest in SC 50.
SC 50 in Palawan contains the Calauit field, which is estimated to contain 10 million to 13.2 million barrels of oil.
Trans-Asia Petroleum said the acquisition of the SC 50 stake comes after announcing its planned debut at the local stock market by way of introduction.
Company officials said some 250 million shares will be listed today at P4.60 each, for a total value of P1.15 billion.
Trans Asia also holds interests in SC 51 in Leyte; SC 52 in Cagayan Valley in Northern Luzon; SC 55 in West Palawan; SC 69 in the Camotes Sea; and in SC 6 Block A and Block B in offshore northwest Palawan.
Trans-Asia has various investments in the energy sector. The company has power generation businesses by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.
Trans-Asia is also involved in renewable energy development via Trans-Asia Renewable Energy Corp. and Maibarara Geothermal Inc., as well as in electricity supply as a licensed retail electricity supplier and a licensed wholesale aggregator.
The company said it is aiming to double its power capacity to 400 megawatts in the next few years upon completion of a new 135-MW clean coal power plant in Calaca, Batangas in partnership with the Ayala Group, an integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Co., and the 54-MW Guimaras wind farm.