PSE Circular for Brokers No. 073-98

February 6, 1998 PSE CIRCULAR FOR BROKERS NO. 073-98 The Chairman Securities and Exchange Commission EDSA, Greenhills, San Juan Metro Manila Dear Sir : Please be informed that today, the Department of Energy and Trans-Asia, together with two other Philippine companies, entered into a Geophysical Survey and Exploration Contract over an area in East Visayas. Attached herewith is a detailed statement regarding this new geophysical contract. Trans-Asia's share of the committed expenditures is US$50,000. Yours truly, (SGD.) BENJAMIN S. AUSTRIA SVP for Exploration NEW VISAYAS EXPLORATION CONTRACT AWARDED The Department of Energy and an all-Filipino petroleum exploration consortium composed of Alcorn Petroleum and Minerals Corporation, 46.60% interest; Trans-Asia Oil and Energy Development Corporation, 33.34%; and Petrofields Corporation, 20.06% jointly signed on 05 February 1998 a Geophysical Survey and Exploration Contract ("GSEC 93") over a 1.456 million hectare-block located in East Visayas (see attached map). The consortium commits to spend at least US $150,000 to conduct specialized geophysical and geological studies within the initial one-year term of the contract. GSEC 93 may be renewed for an additional one-year period upon commitment of the consortium to undertake a secondary work program consisting of either seismic studies or the drilling of one stratigraphic well, at a minimum cost of US $150,000. Successive options to drill up to two (2) exploratory wells are granted under the renewed term. The contract area is the site of the Villaba-1 gas discovery which was drilled by the consortium and Ampolex Ltd. of Australia under GSEC 61 in 1994.