Terra Energy Resources raising funds for Indonesian project

Sibayak, geothermal plant, Lampung/ Indonesia - not related to story (source: arthaliwa.wordpress)

Alexander Richter 12 Jul 2010

Terra Energy Resources Ltd has issued new shares for a fund raising effort for a cooperation on an Indonesia geothermal project.

According to a release by the company, “Terra Energy Resources Limited announced that it has issued 15 Million shares of new, restricted shares to be deposited into an attorney trust account for the purposes of collateralizing a $5,000,000 fund raising effort.

This is in accordance with an agreement signed a few weeks prior stating that Terra Energy Resources will aid in the further development of a geothermal project in Indonesia. Terra Energy Resources Limited entered into negotiations with Jala Tekno Geothermal for potential areas of mutual cooperation. Jala Tekno is a subsidiary of Pandawa Energy, a renewable and geothermal energy holding company based in Jakarta. Tekno has already drilled a steam well, that has been evaluated to produce more than 6 megawatts of steam in a field that holds geothermal resources in the range of 75 MW to 150 MW.

“We are very confident that this funding will only strengthen future revenues of both companies,” stated Catherine Balloqui of Terra Energy.”

Source: Press release via PR Newswire