Reported by Bloomberg this morning from the Philippines, Maibarara Geothermal Inc., the development company jointly owned by majority owner Petroenergy Resources Corp. (PERC), and Trans-Asia Oil and PNOC-Renewables, will start drilling a new well at the Maibara geothermal power project in Batangas province in the Philippines.
The well is planned as a re-injection well to recharge the reservoir of the 20 MW project in Santo Tomas. The project has so far completed a three production wells to supply the planned plant,which is expected to start operation in late 2013.
The project received a $57 million loan deal in September from Rizal Commercial Banking Corp. and the Bank of the Philippines Islands.
Source: Bloomberg
