Trans-Asia to rename with new strategic focus on geothermal development in Philippines

Trans-Asia to rename with new strategic focus on geothermal development in
Philippines

Philippines-based Trans-Asia Petroleum Co. announces a name change to
"Phinma Petroleum and Geothermal, Inc." to reflect a focus on geothermal
development investments in the Philippines and possibly in Indonesia.

As reported today from the Philippines, Trans-Asia has announced a change of
its name. Renaming itself from Trans-Asia Petroleum Co. to "Phinma Petroleum
and Geothermal, Inc.", the company wants the name change to reflect a
strategic change. The company is changing its primary focus, which will
include early stage geothermal development projects, so the President of the
company.

"We will look at geothermal that's why there is a change in name and change
in primary purpose," said Francisco L. Viray, Trans-Asia Petroleum president
and chief executive officer, on the sidelines of the company's annual
stockholders meeting in Makati City. He said the company would look for
geothermal prospects in the Philippines before checking possible ventures
outside the country.

Although there are still geothermal prospects in the country, Mr. Viray said
the remaining ones are what he described as "challenging." He said the
company was looking at a prospective project in north Luzon, but declined to
give details.

"When you acquire, you have an annual program so the usual development
program for geothermal. There could also be prospects abroad but not yet
this year," he said.

Raymundo A. Reyes, Jr., Trans-Asia Petroleum executive vice-president and
chief operating officer, the capacity of the prospective geothermal project
would be bigger than the previous one in Batangas. "Its capacity may be more
than Maibarara," he said, referring to Maibarara Geothermal, Inc., a project
in Sto. Tomas, Batangas where the company has a stake.

"Maibarara is 40 to 60 MW but as of now, only 32 MW is proved. It can double
but we have to drill but its anticipated capacity is much larger," he said.

"In Indonesia, there is also a geothermal prospect, the company is
exploring. Possibly through bidding with a local partner but that is not yet
final. That's one avenue," Mr. Reyes said, adding that the bidding would be
this year.

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com