http://www.philstar.com/Article.aspx...bCategoryId=66
Trans-Asia, Otto Energy start seismic survey
By Donnabelle L. Gatdula (The Philippine Star) Updated February 12, 2011 12:00 AM Comments (0)
MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. and Australia’s Otto Energy Ltd. have started survey works at a petroleum exploration block in Camotes Sea in Central Visayas.
In a report to the Philippine Stock Exchange (PSE), TA Oil said the 3D seismic survey would be conducted on at least 50 square meters in the area covered by Service Contract (SC) 69.
According to the report, they are set to undertake the seismic mapping of SC 69 from Feb. 11, 2011 to Aug. 7, 2012.
SC 69 covers an area of 7,040 square kilometers in offshore Central Visayas, surrounded by the islands of Cebu, Bohol and Leyte.
TA Oil currently controls a 30 percent of the contract while Otto Energy owns the balance.
Earlier, Otto Energy increased its equity in SC 69 to 79 percent from only nine percent in exchange for the payment of TA Oil’s previous costs and equity share in the drilling of an exploration well in the exploration block.
TA Oil, a subsidiary of the Phinma Group, is primarily into conventional fuel-based power generation, petroleum exploration and production, mining and retail electricity trading.
On the other hand, Otto Energy is an oil exploration and development firm based in Australia. It holds interests in a number of other exploration contracts in the Philippines.