OIL and gas exploration firm Frontier Oil Corp. (FOC) said it has strengthened its strategic alliance with Trans-Asia Petroleum Corp. (TAPET), which went public last month.
FOC President Kristoffer Fellowes said the alliance between TAPET and FOC sees the two firms cooperating in various Service Contracts (SC) that include SC50, 51, 52, 69 and 55.
TAPET has joint venture arrangements with FOC in the vast majority of its assets.
“This alliance will strengthen as the companies enter into production and attract other opportunities both locally and regionally,” said Fellowes.
TAPET, the petroleum exploration unit of Trans-Asia Oil and Energy Development Corp. (TA), was the first to list under the relaxed PSE listing rules for oil and gas companies.
“TAPET should be congratulated for a successful listing and this will no doubt expedite their ability to enjoin FOC in future upstream projects and should serve as a catalyst for the exploration industry locally beginning to get the investment attention it deserves” Fellowes said.
FOC announced late last year that TAPET was investing around P136 million via the acquisition of shares that form part of its planned initial public offering (IPO). The IPO plans, however, have been postponed.
“FOC is sourcing funds from elsewhere at present and is successfully doing so with the help of a reputable international investment bank,” he said.
Fellowes, however, did not disclose the details but the capital raising activity, he said, is going according to plan.
FOC emphasized that it has been working closely and constructively with the management of TAPET and looks forward to jointly advancing their mutual oil and gas interests. Both companies are likewise looking for new opportunities within the industry for the benefit of both investors and the Philippine energy marketplace.