Posted by Alena Mae S. Flores
Energy Development Corp. is set to start exploration activities in Chile and Peru after signing a shareholders’ agreement with Hot Rock Ltd. of Australia.
Energy Development said in a disclosure to the Philippine Stock Exchange the company and Hot Rock agreed to put up companies for each of the Longavi geothermal concession in Chile and the Chocopata and Quellaapacheta geothermal projects in Peru.
It said the agreement “allowed the joint venture to commence exploration activities at each of the foregoing sites.”
Energy Development will own 70 percent of the outstanding capital stock of each of the project companies, with Hot Rock holding 30 percent.
Energy Development and Hot Rock signed a joint venture agreement on Feb. 2 to develop the Calerias and Longavi projects in Chile, and the Quellaapacheta and Chocopata fileds in Peru. Energy Development obtained a 70-percent interest in each of the projects.
“We now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru,” Energy Development chairman and chief executive Federico Lopez said earlier.
He said the overseas projects would showcase the company’s geothermnal expertise. Hot Rock earlier acquired 23 geothermal tenements across Chile, Peru and Australia. The company has been among the first to identify and obtain some of the most attractive concession areas in Latin America.
Energy Development seeks to accelerate the development of the projects and offer a clean, reliable and indigenous source of energy to Chile and Peru.
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