Basic Energy Corp. said Friday that Phinma Energy Corp. has assigned to it “its entire and undivided” 25% stake in a geothermal service contract in Batangas province.
In a disclosure to the stock exchange, the listed company said the two had signed a deed of assignment in which Phinma Energy assigned its rights, interests, privileges, duties and obligations to the Mabini Geothermal Service Contract (GSC No. 8) because of the latter’s withdrawal from their joint operating agreement, which took effect on Aug. 21, 2018.
