Maibarara pursues plant

May 5, 2011

MANILA, Philippines - Maibarara Geothermal Inc. (MGI) will likely push through with its proposed Mt. Makiling geothermal power plant, after tests showed it has a potential to generate 15 megawatts.

In separate disclosures to the Philippine Stock Exchange, joint-venture partners PetroEnergy Resources Corp. and Trans-Asia Oil and Energy Development Corp. said that in the first week of May, two wells have attained ?commercial wellhead pressures, stable chemistry suitable for steam supply to a power plant, and an aggregate capacity of about 15 MW.?

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