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FRIDAY | AUGUST 31, 2012

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Business

BWM MAG

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Maibarara begins drilling new reinjection well

2012 Mindanao Island Cluster Conference Guest Speaker Jinggoy Estrada Senator held at Maliberry Suites in Limkelkal Center, Cagayan de Oro City. Photo by Gerry L. Gorit

Gensan mulls P150m terminal complex GENERAL Santos City––The local government of nearby Koronadal City in South Cotabato is planning to secure a P150-million loan to fund the construction and development of its proposed integrated transport terminal complex. Marloun Gumbao, Koronadal City treasurer, said City Mayor Peter Miguel has formally sought authority from the city council to negotiate with various banks and other financial institutions in the area for the granting of the loan in time for the targeted commencement of the project before yearend. He said the proposed loan will mainly be utilized for the construction of the main terminal building and related structures as well as the installation of the necessary ameni-

ties within the facility. “This will be a complete integrated transport terminal and commercial complex,” the official said. For the proposed loan, Gumbao said the local government is initially considering seeking a repayment term of 10 years and with an annual amortization of P25 million. He said they will arrange for the loan repayments to only commence once the terminal complex begins its operations. Gumbao expressed confidence that the local government would be able to meet the projected loan repayments since the terminal complex will be operating as an economic enterprise. “The good thing about the terminal is the fact that it is also an income-generating project. So we’re

Department of Environment and Natural Resources PENB.0 - B400 Mambajao, Camiguia Telefax No. 088-3870040 SALE OF PUBLIC LANDS Notice is hereby given that the Department of Environment and Natural Resources thru the Provincial Environment and Natural Resources Office at Mambajao, Camiguin will sell to the highest qualified bidder at Ten o’clock (10:00) A.M. on September 25, 2012, the tract of land covered by Miscellaneous Sales Application of Xerxes K. Jadman. MSA No. : 101803-276 Location : Poblacion, Mahinog, Camiguin Description : Identified as Lot No. 141-A. Csd-10-018793 Area : 202 square meters Appraised Value of Land : P50. 500.00 (P250.00/sq. m.) Appraised Value of Improvement : P300,000.00 All bids must be sealed and submitted to the Department of Environment and Natural Resources thru the Provincial Environment and Natural Resources Office at Poblacion, Mambajao, Camiguin on or before the hour and date above and plainly marked BID for the land described in the Miscellaneous Sales Application Nos. 101803-276. Bids must be accompanied with cash, money order, cashier’s or managers check for a sum equivalent to 10% of the bid. When a bid is withdrawn after the highest bidder is determined, the corresponding deposit thereof shall be forfeited to the Government. No bid shall be less than the appraised value of the land. The right is reserved to reject any or all bids The successful bidder if other than the applicant MUST reimburse the latter of all the value of the improvements introduced by the applicant on the land subject of the application. All prospective bidders are hereby informed that the herein applicant has the right to equal any and all bids. Mambajao, Camiguin, August 13, 2012

MDN: August 31, 2012

(Sgd.) ADOLFO S. FUENTES OIC, PENR Officer

securing a loan to fund a business venture,” he said. Based on the feasibility study prepared by the local government, Gumbao said the proposed facility is projected to generate an annual income of around P13.2 million from the terminal fees alone. He said they also expect additional revenues of around P1.7 million from the rentals or leases of its commercial stalls. “Our total revenues could reach as high as P15 million a year, so we will only need to fill in P10 million more for the loan repayment,” Gumbao said. The city government earlier acquired a 5.9-hectare lot worth P40 million in Purok Yellow Bell, Barangay Sta. Cruz here for the proposed terminal complex’s site.

M A N I L A– – M a i b a r a r a Geothermal, Inc. (MGI), the service contractor of the Department of Energy (DOE) for the Maibarara geothermal field in Sto Tomas, Batangas, will start drilling well MB-14RD on August 30, 2012 using DESCO Rig #30. In a statement, MGI said the well will be used for reinjecting condensate fluids from the 20 MW geothermal plant back to the subsurface reservoir to recharge the system. Construction of the power plant is on-going and proceeding on schedule. MGI plans to commercially operate the plant in late 2013, making it the first geothermal power station in the country in six years and the first under the Aquino administration. MGI is the joint vent u re c o mp a ny ow n e d 65% by PetroEnergy Resources Corp., through its 100%-owned subsidiary PetroGreen Energy Corp., 25% by Trans-Asia Oil, and 10% by PNOC-Renewables Corp. (PNOC-RC). MGI president Fracisco G. Delfin, Jr. declared “MGI and our partners are pleased with the efficient completion of well MB-12D but we are equally delighted that our 2012 drilling campaign has gone safely, thus far. This affirms the Silver Safety Award bestowed last July on MGI by DOE Secretary Jose Rene Almendras and

„ Continuing downhole temperature and pressure surveys attest to the fast thermal recovery of the well. Dir. Mario C. Marasigan.” DOE Undersecretary Jose M. Layug, Jr. said, “Maibarara is a testament of a successful public-private partnership envisioned by the Aquino administration. “We hope that the Maibarara project will encourage more renewable energy investment in the Philippines,” Layug said. Completion tests and heat-up surveys conducted by MGI on well MB-12D strongly indicate that the well- achieved its reservoir and geological objectives. Results from injectivity and pressure fall-off tests showed that the well intersected its targeted permeable formation, marked by high permeability-thickness product values. Continuing downhole temperature and pressure surveys attest to the fast thermal recovery of the well. Production tests to be conducted later in the year will determine the well’s actual MW output. A report from the Philippine News Agency

CEB announces new flights from Cebu to Bangkok and Kuala Lumpur Introductory seat sale for new Cebu routes start at P888. THE Philippines’ largest national flag carrier, Cebu Pacific (PSE:CEB) is set to begin direct services from Cebu to Bangkok (Thailand) and Kuala Lumpur (Malaysia) in the first week of December this year. CEB currently operates 4 international services from Cebu namely: Cebu to Hong Kong, Incheon (Korea), Pusan (Korea), and Singapore. CEB operates 20 direct domestic flights from Cebu, namely Cebu to Manila, Bacolod, Busuanga, Cagayan de Oro, Caticlan, Clark, Davao, Dipolog, Du-

maguete, General Santos, Iloilo, Legazpi, Ozamiz, Pagadian, Puerto Princesa, Siargao, Surigao, Tacloban and Zamboanga. Starting December 8, 2012, CEB will launch twice weekly flights from Cebu to Bangkok, Thailand. On December 9, 2012, CEB will also launch twice weekly flights from Cebu to Kuala Lumpur, Malaysia. “We are proud to launch 2 new international services from our Cebu hub. We look forward to providing our services to foreign tourists and overseas Filipino workers and ultimately boosting trade and tourism between Cebu, Thailand, and Malaysia,” said CEB VP for Marketing and Distribution Candice Iyog. To introduce the new routes, CEB holds a seat sale until September 2, 2012 or until seats last. Passengers can buy P888 seats from Cebu to Bang-

kok (Thailand) or Kuala Lumpur (Malaysia). This is for travel from December 8, 2012 to February 28, 2013. Other international and Philippine destinations are also covered in this seat sale. Complete details of the sale can be viewed in the Cebu Pacific website: www.cebupacificair.com “Passengers can take advantage of this seat sale as it covers the peak travel period from December to February. This will greatly benefit those coming home for the holidays, or planning Christmas vacations for family and friends,” Iyog said. For bookings and inquiries, guests can go to www.cebupacificair.com, or call the reservation hotlines (02) 7020-888 or (032) 230-8888. The latest seat sales and promos can also be found on CEB’s official Twitter and Facebook

pages. CEB currently operates 10 Airbus A319, 21 Airbus A320 and 8 ATR-72 500 aircraft. Its fleet of 39 aircraft––with an average age of 3.6 years––is the largest aircraft fleet in the Philippines. Between 2012 and 2021, Cebu Pacific will take delivery of 21 more Airbus A320 and 30 Airbus A321neo aircraft orders. It is slated to begin longhaul services in the 3rd quarter of 2013. In its 16th year of operations, CEB had flown over 60 million passengers. It provides access to the most extensive network in the Philppines, with 32 domestic and 19 international destinations. The airline also remains a pioneer in the Philippine aviation industry by being the first to offer web checkin, self check-in, e-ticketing and Lite Fares.

MINDANAO DAILY NEWS AUGUST 31,2012  

MINDANAO DAILY NEWS AUGUST 31,2012

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