MGI Awards Exploratory Drilling Contract to ThermaPrime

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Batangas – Yuchengco-led Maibarara Geothermal, Inc. (MGI) awarded to ThermaPrime Drilling Corporation (TDC) the contract for its 2026–2027 exploratory drilling campaign. The program will explore geothermal resources in the undrilled sectors of MGI’s geothermal service contract, located across the provincial boundaries of Batangas and Laguna, that may be developed for a new geothermal
generation facility.

A signing ceremony led by MGI President F. G. Delfin, Jr. and TDC President and Chief Operating Officer (COO) Anthony M. Mabasa was held on July 27, 2026 in Pasig City.

MGI is a joint venture of Yuchengco-led PetroGreen Energy Corp. (65%), ACEN Corp. (25%) and PNOC-Renewables Corp. (10%). TDC is a wholly-owned subsidiary of First Balfour, Inc., a member of the Lopez Group of Companies.

MGI EVP & COO Maria Victoria M. Olivar declared “The country needs more geothermal power for its baseload generation, weather-indifferent availability, and its clean and renewable nature. But building new geothermal plants requires large upfront costs, long lead times, and various technical risks. We are thus pleased to tap

ThermaPrime with its highly skilled and experienced workforce and well-maintained rig and equipment in our drilling campaign where some of the initial and most complicated risks in geothermal energy development are often encountered.”

Under the contract, TDC will provide its Drilling Rig 7 to execute the exploration program of three firm and one contingent wells with planned depths of 2,100 to 3,000 meters in accordance with international safety and operational standards. Rig mobilization is scheduled for September 2026, with drilling to commence in October and the campaign targeted for completion by May 2027.

TDC President & COO Antonio Mabasa said “We are deeply grateful to MGI for this opportunity to fulfill their well drilling requirements and look forward to working with their team. We are delighted to be part of this important project not only because it is crucial to MGI’s expansion goals but our collaborative efforts are consistent with our own Group’s core purpose, that is – forging collaborative pathways for a decarbonized and regenerative future.