Why no love for SC55, page-9

"Otto is currently looking for another partner for the project (SC55) but the official said the drilling will proceed with or without a partner". Is the Aug 20, 2014 link below stating the truth?
http://www.bworldonline.com/content...nce-value-from-exploration-contracts&id=93155

Whole article here

Posted on August 20, 2014 09:43:00 PM
Trans-Asia Petroleum seeking to enhance value from exploration contracts

IN PREPARATION for its market debut next week, Trans-Asia Petroleum Corp. has outlined plans which it hopes will unlock the value of its petroleum projects, including four exploration contracts and two others in which the company holds the option to acquire minority interests.

Trans-Asia Petroleum plans to move forward with the acquisition of a 10% stake in service contract (SC) 50 located in waters northwest of Palawan.

“We are in the final negotiations for a 10% interest in SC 50,” said Raymundo A. Reyes, Jr., senior vice-president of the company’s listed parent Trans-Asia Oil and Energy Development Corp.

Mr. Reyes said Trans-Asia Petroleum committed to participate in the project given its proven reserves. At the same time, the contract -- which covers the Calauit oilfield -- is expected to start production next year.

A timeline presented by Mr. Reyes showed that drilling activity within the contract area will take place in the first two months of the year and production testing will follow afterwards.

“We will use the latest technology to drill wells and tap the reservoir,” he said.

Another contract for which the company holds the option to take a 10% interest is SC 52 located onshore Cagayan, but the company has not yet decided if it will pursue the project.

The company’s option will be exercised upon completion of work over activities within the contract area, which will be undertaken by operator Frontier Oil Corp.

Of its existing contracts, the most advanced is SC 55 -- a project undertaken in partnership with Australia’s Otto Energy Ltd.

“Preparations are ongoing for the drilling. The commitment is to do that by December,” Mr. Reyes said.

Contract operator Otto is currently looking for another partner for the project, but the official said the drilling will proceed with or without a partner.

Trans-Asia Petroleum also holds interests in SC 51 (6.67%); SC 6A (2.33%) and 6B (4.06%); and SC 69 (6%). All these projects, according to Mr. Reyes, are under various stages of exploration.

The company will join its listed parent Trans-Asia Oil to the main board of the Philippine Stock Exchange through a listing by way of introduction scheduled on Aug. 28.

The listing of Trans-Asia Petroleum -- which will carry the symbol “TAPET” -- involves a total of 250 million shares with an initial price of P4.60 per share. -- Claire-Ann Marie C. Feliciano