Filipino DOE allows Trans-Asia Oil and EDC to participate in geothermal project.
Trans-Asia Oil and Energy Development Corp engage in Mabini geothermal project in Batangas, Philippines.
Local news from the Philippines state that the country’s Department of Energy has authorized the “buy-in” of 25 percent of the geothermal service contract (GSC) for the geothermal project in Mabini, Batangas to Trans-Asia Oil and Energy Development Corp.
Trans-Asia said the consortium is preparing to drill an exploratory well in the area for the third quarter of 2016.
The same source states that “Both sides signed an agreement for the exploration and development of geothermal services in December 2013. In this agreement, Trans-Asia acquired a stake of 10 percent in Mabini GSC of Basic Energy, with the option to increase its stake to 40 percent. In addition the company also has the option to acquire up to 60 percent of Basic Energy’s other geothermal service contracts in Mariveles Bataan, East Mankayan in Benguet, West Bulusan in Sorsogon and Mt. Iriga in Camarines Sur.”
Source: Phil Star