Phinma pulls out from proposed Leyte geothermal project

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Phinma Petroleum and Geothermal, Inc. (PPG) has withdrawn from a service contract that sought to explore the possibility of geothermal energy in Leyte, the company told the stock exchange on Thursday.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.

“This is equivalent to 22% of the Company’s total assets as of March 31, 2018,” the company said.

PPG has also informed the Securities and Exchange Commission on Wednesday that it had notified the Department of Energy (DoE) of its withdrawal from SC 51.

— Victor V. Saulon