Trans-Asia Petroleum buys into Philippines oil field

Trans-Asia Petroleum buys into Philippines oil field

Singapore: Trans-Asia Petroleum, the oil and gas arm of Trans-Asia Oil and Energy Development, has signed agreements for the acquisition of a 10% stake in the Calauit oil field near Palawan, Philippines.

Trans-Asia Petroleum has signed the farm-in agreement with Frontier Energy and Frontier Oil, the deed of assignment with Frontier Energy and the loan agreement with Frontier Oil over service contract 50 (Calauit field), according to a stock exchange filing today.

Service contract 50 covers the Calauit oil field, which is estimated to contain between 10m and 13.2m bbl of oil.

Frontier has signed a lease agreement for the use of a drilling rig from Malaysia-based UMW Oil and Gas for the development of SC 50.

Frontier, backed by Australia-headquartered BioProspect, has already completed a geotechnical survey at the intended drilling location for the Calauit oil field. The drilling rig is anticipated to be onsite by the first quarter of 2015. [17/10/14]