1. Land Lease Agreement over Steamfield Lot
Maibarara Geothermal, Inc. (MGI) entered into a Land Lease Agreement (LLA) with the National Power Corporation (NPC) and the Power Sector Assets and Liabilities Management Corporation (PSALM) over the Maibarara Geothermal Power Project's steamfield lot in Sto. Tomas, Batangas. Under the LLA, MGI will lease the steamfield lot for a period of 25 years, extendible for another 25 years upon mutual agreement of the parties.
2. Drilling of Two New Wells
The Maibarara Geothermal Power Project is operated by MGI, a joint venture corporation 65% owned by PERC's wholly-owned subsidiary, PetroGreen Energy Corporation, and 25% and 10% owned by Trans-Asia Oil and Energy Development Corporation and PNOC Renewables Corporation, respectively. - https://www.affordablecebu.com/The Department of Energy (DOE) approved the drilling of two (2) new wells in the Maibarara Contract Area, one for steam production, and another as reinjection well for condensate fluids.
