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Maibarara earmarks P100M for exploration

December 15, 2010

MANILA, Philippines - Maibarara Geothermal Inc. plans to spend P100 million to finance the exploration activities for its geothermal power project on Mt. Makiling, according to company majority stakeholder PetroEnergy Resources Corp.

In a disclosure to the Philippine Stock Exchange, PetroEnergy head of corporate and legal affairs Arlan P. Profeta said the amount would be infused by the three companies that own MGI, which was formed to develop and put up the P2.8-billion, 20-megawatt power plant.

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