Two energy listed firms, Basic Energy Corp. and Trans Asia Oil and Energy Development Corp., have sealed an agreement to jointly explore and develop the geothermal service contracts (GSCs) the Department of Energy earlier granted to Basic.

In a memorandum of agreement, Trans Asia acquired a 10-percent stake in Basic’s Mabini GSC located in Mabini, Batangas, giving Trans Asia the option to boost its stake in Mabini to up to 40 percent.

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