Phinma Petroleum and Geothermal, Inc. (PPG), formerly Trans-Asia Petroleum Corporation, has withdrawn from a service contract that sought to explore the possibility of geothermal energy in Leyte, the company told the stock exchange on Thursday.
The energy exploration company, a unit of Phinma Energy Corp., said it would recognize a loss of P32.7 million for the write-off of its share in expenditures incurred so far in Service Contract No. 51 in Eastern Visayas.
