Maibarara Geothermal Inc. signs a Land Lease Agreement with National Power Corporation and Power Sector Assets and Liabilities Corporation

The Maibarara Geothermal, Inc., a 25% owned subsidiary of Trans-Asia, signed a Land Lease Agreement (LLA) with the National Power Corporation (NPC) and Power Sector Assets and Liabilities Corporation (PSALM) over two (2) NPC lots in Sto. Tomas, Batangas, for use in the Maibarara steamfield operations. The LLA has a term of 25 years, extendible by an additional 25 years upon mutual agreement of the parties. Furthermore, the Department of Energy approved the drilling of two (2) new wells in the Maibarara contract area. One well will be used as a steam produces and the other will as a reinjection well for condensate fluids. The wells are expected to be drilled in the 3rd quarter of this year (2012). - https://www.affordablecebu.com/