July 15, 2014

Trans-Asia Oil to list exploration unit

The ManilaStandardToday reported yesterday that Trans-Asia Oil and Energy Development Corp (TA) is looking to list the shares of its exploration unit TA Petroleum in the PSE by way of introduction. In its filing with the SEC, TA Petroleum said it would list 250m shares at an initial price of P4.60/sh.

TA in August 2013 approved the declaration of 123.161m common shares in the oil exploration company as property dividend to existing shareholders. This entitled TA shareholders of 2.55 TA Petroleum shares for every 100 TA shares they owned.

TA earlier assigned its interests in three service contracts to Trans-Asia Petroleum. These are Service Contract No. 6 Block A and Block B in offshore northwest Palawan, Service Contract No. 51 in northwest Leyte and Service Contract No. 69 in the Camotes Sea. - WealthSec