Otto Energy Philippines Inc. has reassigned its 9-percent participating interest in Service Contract 69 to Trans-Asia Oil Petroleum Corp., after the former decided not to participate in the next exploration phase.
In a disclosure to the Philippine Stock Exchange Friday, parent firm Trans-Asia Oil and Energy Development Corp. said that upon the approval of the deed of assignment by the Department of Energy, TA Petroleum will hold a 15-percent participating interest in SC 69, which covers the East Visayan basin.
This means that TA Petroleum will have a 15-percent share in any future expenditures and revenues under the contract license.
Prior to this reassignment, Otto Energy had a 79-percent stake in SC 69 while TA Petroleum had a 6-percent stake.
The remaining 15 percent was held by Frontier Gasfields Pty. Ltd.