Ann: Comments on release concerning Philippine Se, page-12

re: Ann: OEL: Comments on release concerning ... The way I see it remote, they'll both have some explaining to do.

4walls, the following article might suggest otto and subsidiaries may have difficulty raising the 80mil required to complete the first drill before leases expire next year.

This more recent article published in the Philippines national newspaper last month is where the mystery thickens imo
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By Donnabelle L. Gatdula, The Philippine Star 05/02/2011 9:27 PM

MANILA, Philippines - "Trans-Asia Oil and Energy Development Corp. and NorAsian Energy Ltd (NEL) signed yesterday a farm-in agreement in service contract 55 in offshore Palawan".

* NorAsian Energy Ltd is a wholly owned subsidiary of OEL

"In a disclosure to the Philippine Stock Exchange (PSE), TA Oil said NorAsian acquired an 8.18% participating interest in the service contract."

* Ok so now we can assume OEL has a 93.18% interest in SC55

"TA Oil did not disclose how much was the acquisition deal for the said shares."

* Just as well for the honest hard working OEL s/holders the ASX governs strict disclosure rules with all publicly listed company's, (inclusive of wholely owned subsidiaries) so this one must of just slipped through the net?

In late 2009, TA Oil started with its data gathering at the SC 55 in West Palawan.
The SC 55 consortium commenced a 590-square kilometer 3D seismic survey in its contract area in offshore West Palawan . TA Oil has a 15% participating interest in SC 55.

SC 55 covers 9,000km2 in the south west Palawan Basin. It is located on a regional oil and gas fairway that extends from the productive Borneo offshore region in the southwest to the offshore Philippines production assets northwest of Palawan .

Aside from TA Oil, Otto Energy owns an 85% working interest in SC55. Otto Energy Ltd., an Australian oil and gas firm holds the remaining 85% of the contract. Otto acquired its 85% interest in SC55 in 2006, through the purchase of NorAsian Energy Ltd. Otto Energy was supposed to farm-out 60% of its interest in SC 55 to BHP but negotiations fell through.

* OOP's now this one's a bit of a whopper to let slip Otto. I understand, you'll have to pluck up the courage to let down your loyal s/holders one day and hopefully you'll also have the heart to let BPO know that SC55 might be a duster after all this smoke has disappeared

TA Oil is the energy arm of the Phinma Group. The company continues to be active in several exploration projects, particularly in large and high-potential areas.

* Well we can't argue with that, Trans-Asia Oil certainly do appear to be very active, double selling/crossing to some unsuspecting foreign company's

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