Maibarara Geothermal, Inc. (MGI) successfully completed on October 22, 2012 the well requirements for its 20 MW geothermal power plant in Sto. Tomas, Batangas. Commencing on July 10, 2012, the drilling program utilized DESCO Rig #30 and involved drilling one production well and one reinjection well and the work-over of an existing production well.

MB-12D, the first production well drilled by MGI, reached the target depth of 2150 m on August 5, 2012 and was successfully completed on August 10, 2012, fourteen days ahead of schedule. MGI drilled its second well, MB-14D to be used for reinjecting the condensate fluids from the power plant, on August 30, 2012 and reached the total target depth of 1900 m on October 1, 2012. The well was completed on October 6, 2012, eight days ahead of schedule. The work-over of the existing production well Mai-9D, involving borehole clearing and relining of the 9 5/8” casing was completed on October 22. Preliminary downhole surveys and tests indicate that the MGI’s drilling campaign achieved its objectives.

With the satisfactory conclusion of the drilling program, MGI now focuses on completing the steamfield, power plant, and transmission line facilities, in time for commercial operations in late 2013. As of mid-October, 2012, the civil and structural engineering work for the steamfield’s fluid gathering system is 90% complete; this brings the total steamfield construction accomplishment to 49%. The engineering, procurement, and construction (EPC) of the power plant being undertaken by EEI Corp., has reached 50% completion. Upon commercial operation next year, Maibarara will be the country’s first geothermal power station in six years and the first in Luzon in sixteen years.

MGI is 65% owned by publicly-listed PetroEnergy Resources Corp. through its subsidiary PetroGreen Energy Corp., and 25% and 10% owned by Trans-Asia Oil and PNOC-Renewables Corp., respectively.