Trans-Asia ventures into geothermal exploration

MANILA, Philippines - Trans-Asia Petroleum Corp. (Tapet) has bagged the regulatory approval to change its corporate name to Phinma Petroleum and Geothermal Inc. to enter into geothermal exploration and production and reflect the group’s brand.

The company said it has received clearance from Securities and Exchange Commission (SEC) to change its corporate name and change the primary purpose and secondary purpose.

Amending its articles of incorporation will allow the company to reflect its entry into the exploration and development of geothermal resources as an additional business line.

“The company shall be allowed to explore, prospect for and develop geothermal as well as petroleum resources,” it said.

During its stockholders’ meeting last April, Tapet announced the change in corporate name to expand its business from the capital intensive petroleum exploration-production business with comparatively lower risk, lower cost geothermal exploration and production ventures.

The company will be looking at prospects in the geothermal sector locally and abroad, Tapet president and CEO Francisco Viray said earlier.

Currently, Tapet has six oil and gas prospects, namely Service Contract (SC) Block A offshore Northwest Palawan (7.78 percent), SC 6 Block B offshore Northwest Palawan (14.063 percent), SC 51 in East Visayas (6.67 percent), SC 55 in West Palawan (6.82 percent), SC 69 in Central Visayas (50 percent), SC 50 in North Palawan (10 percent).