Maibarara project in the Philippines starts drilling of fourth well today
Maibarara Geothermal Inc. will start drilling of a re-injection well for its 20 MW Maibara geothermal power plant project in Batangs province, Philippines as announced by the majority owner Petroenergy Resources Corp.
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.