MANILA, Philippines - Frontier Oil Corporation (FOC) has strengthened its strategic alliance with Trans-Asia Petroleum Corporation (TAPET), which recently listed by way of introduction on the Philippine Stock Exchange.
FOC and TAPET will be cooperating on various service contracts (SC) that include 50, 51, 52, 69 and 55.
TAPET also has joint venture arrangements with FOC in majority of its assets.
"This alliance will strengthen as the companies enter into production and attract other opportunities both locally and regionally," FOC president Kristoffer Fellowes said in a statement.
TAPET is the petroleum exploration unit of Trans-Asia Oil and Energy Development Corporation.
"TAPET should be congratulated for a successful listing and this will no doubt expedite their ability to enjoin FOC in future upstream projects and should serve as a catalyst for the exploration industry locally beginning to get the investment attention it deserves" Fellowes said.
Last year, FOC said TAPET was investing around P136 million via the acquisition of shares that form part of its planned IPO. However, the IPO has been postponed.
"FOC is sourcing funds from elsewhere at present and is successfully doing so with the help of a reputable international investment bank. Unfortunately, we cannot disclose the details now but the capital raising is going according to plan and I am pleased with progress," Fellowes said.
FOC said it is now working closely with TAPET's management and "looks forward to jointly advancing their mutual oil & gas interests and in further developing new opportunities within the industry for the benefit of both investors and the Philippine energy marketplace."