Under a memorandum agreement signed Dec. 2, “Trans-Asia shall acquire from Basic 10% participating interest in the Mabini Geothermal Service Contract (GSC),” the disclosures read, adding that this “interest may be increased to up to 40%, at the option of Trans-Asia.”
Both parties will execute a farm-in agreement once Trans-Asia will have decided on a definitive interest, “depending on the results of the onshore gravity program...” Basic said in its disclosure.
The Mabini GSC requires drilling of one exploratory well by July 2015, Basic’s disclosure added.
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