By Danessa Rivera (The Philippine Star) | Updated June 11, 2017 -
12:00am
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).
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