Diamond Drilling bags P48-M contract – Friday, 01 April 2016

The Mabini geothermal consortium awarded yesterday the P48 million drilling contract for its first exploratory well in Batangas to Diamond Drilling Corp. of the Philippines.
According to a disclosure from the Philippine Stock Exchange yesterday, Trans-Asia Oil and Energy Development Corp. bared the awarding of the geothermal well drilling contract.
The power firm said the first well will be drilled to a depth of at least 1,500 meters to test the potential geothermal resource in the service contract area.
Trans-Asia noted the drilling will start in the first week of May 2016 and will take 2.5 to three months to be completed.
The project is expected to have a capacity of 20 to 60 megawatts, according to its pre-feasibility study.
Trans-Asia earned a 25-percent stake in geothermal service contract No. 8 after signing a farm-in agreement last year with service contract operator Basic Energy Corp.
Trans-Asia, for its part, will prepare the site for drilling.
Basic Energy Corp. was initially awarded geothermal service contract No. 8 in 2007, which has an area of 3,841 hectares.
It is involved in the exploration of oil and gas, production of ethanol and other biofuels, development of alternative and renewable energy sources.
Trans-Asia is engaged in power generation and minerals development through its subsidiaries: Trans-Asia Power Generation Corp., CIP II Power Corp., Trans-Asia Renewable Energy Corp., Trans-Asia Petroleum Corp., Trans-Asia Gold and Minerals Development Corp., Palawan 55 Exploration & Production Corp., South Luzon Thermal Energy Corp., ACTA Power Corp., Asia Coal Corp., Maibarara Geothermal, Inc. and Trans-Asia Wind Power Corp.

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