Trans-Asia Petroleum (TAPET) Corp.’s stake in Service Contract 6 Block A located off northwest Palawan has reverted to 7.78 percent following regulatory approval of a reassignment of participating interests.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, TAPET said it was advised by the SC 6 Block A operator that the Department of Energy (DOE) has approved the re-assignment of participating interests to the farmors.
The transfer was primarily driven by the withdrawal of erstwhile farminee, United Kingdom-based Pitkin Petroleum Plc.
TAPET, a wholly owned subsidiary of Trans Asia Oil and Energy Development Corp., originally had a 2.33 percent interest in SC6 Block A, and a 14.06 percent in SC6 Block B northwest Palawan.
Pitkin had withdrawn from SC 6A, which resulted in impairment losses to the farmors.
As a result, Pitkin reassigned its participating interest back to the farm-out partners after completion of the Phase 1 work program last December 31, 2014.
Besides SC6 Block A, TAPET also has interests in Block B, SC 55 in West Palawan, SC 51 in East Visayas, and SC 69 in the Camotes Sea in the Visayas Region.