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The Department of Energy (DOE) has given the green light to the
consortium scouring prospective areas in Eastern Visayas for
petroleum reserves.
In a disclosure to the Philippine Stock
Exchange, Raymundo A. Reyes Jr., vice-president for exploration of
Trans-Asia Oil and Energy Development Corp., said the DOE has
approved the 3rd sub-phase of the consortium’s service contract 51
in which TA holds a 6.67-percent interest.
Under the next stage of SC 51, the group will
drill one exploratory well in the Visayan basin, which is considered
one of the most promising areas for oil reserves in the Philippines.
The contract area consists of two blocks: an
onshore-offshore block over Northwest Leyte and a largely deepwater
block in Cebu Strait, between the islands of Cebu and Bohol.
The other members of the SC 51 consortium
include Alcorn Gold Resources Corporation with 9.32-percent
interest, PetroEnergy Resources Corporation with 4.01-percent
interest and NorAsian Energy Ltd.
TA’s shares closed flat yesterday at P1.06.
-- Euan Paulo C. Añonuevo
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