Listing By Way of Introduction

Press Release

Our Company’s vision has always been to create a vehicle for building the nation’s economy through self-reliance in energy. It is in keeping with this vision that Trans-Asia Petroleum and its parent, Trans-Asia Oil, continually seek investment opportunities to expand the Company’s power and energy resource portfolio to support our growth strategy.

Through Trans-Asia Oil, the Company has been in business for more than 40 years and, in the process has earned a good reputation as a prudent operator with strong management and technical teams highly regarded in the energy industry. The group has gained experience over the years as it was part of the consortium that produced oil from the Cadlao and Tara fields in offshore Palawan in the 1980s and in the North Matinloc field in the 1990s. Trans-Asia Petroleum’s key strengths include, among others:

FIRST, its participating interest in SC 55 offshore West Palawan, through its share in its subsidiary, Palawan55 Exploration & Production Corporation; With SC 55, we continue to remain confident in the prospectivity of the area with significant potential reserves of oil and natural gas.

SECOND, TRANS-ASIA PETROLEUM is further supported by its minority interests in a number of service contracts, including SC 51 East Visayas, SC 69 Camotes Sea, SC 6 Block A and B. These interests present opportunities to, and have attracted farm-in interest from other foreign oil companies. Recently, the Company entered into a Memorandum of Agreement for the acquisition of minority interest in SC 50, an oil development project located in offshore North Palawan. Through this participation, the Company expects to generate near-term, recurring petroleum revenues. The Company also has an option to acquire participating interest in SC 52, a gas appraisal project in the Cagayan province, which if successful, could complement Trans-Asia Oil’s power generation and electricity supply business.

THIRD, the Company is also recognized as one of the pioneers in the local petroleum industry, with the technical expertise of its resource development team recognized by its foreign partners and also by the Philippines’ Department of Energy.

The Company exudes integrity at the forefront of the way it conducts business, as evidenced by its principal shareholders, parent company TRANS-ASIA OIL AND ENERGY DEVELOPMENT CORPORATION, and by its ultimate parent, PHINMA. This solid reputation makes the Company an ideal joint venture partner of foreign oil and gas companies in petroleum and gas service contracts, and as such, we remain a potent competitor in our local petroleum exploration and production industry.

Besides in-depth knowledge of the Philippine business and regulatory environment, the Company's management has also developed positive relationships with key industry participants. The Company strongly believes that its management team has demonstrated the ability to manage the business successfully through economic downturns and periods of oil price volatility. This extensive experience provides the Company with a strong base to manage its present and upcoming projects.

By this venture into the capital market, we will be able to achieve flexibility in meeting investment opportunities and operational commitments of the Company, especially if the exploratory activities result in confirmed reserves and high potential for commercial operations.

We hope that our continuing efforts in upstream oil and gas exploration would bring our country closer to its much needed energy resources, in order to sustain economic growth and support nation building.

Thank you for your confidence, your support, and continuing interest in TRANS-ASIA PETROLEUM CORPORATION


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