Trans-Asia gets more time to explore East Visayas basin

ABS-CBN News

Posted at Oct 12 2012 03:07 PM | Updated as of Oct 12 2012 11:07 PM

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. says it and its partenrs get 6 more months to explore their East Visayas basin service contract area, so they can complete seismic tests on the onshore part of the area. 

With the extension given by the Department of Energy, the group can continue operations until January 31.

Trans-Asia says this will give the company enough time to complete the seismic tests they're conducting on onshore part of their service contract area. 

Trans-Asia has a 6.6% stake in Service Contract 51.

Trans-Asia, owned by the family of Makati Business Club head Ramon del Rosario, reportedly plans to invest P33 billion in new projects in the next 5 years. - ANC