Business Mirror
SUNDAY, 25 SEPTEMBER 2011 17:25 PAUL ANTHONY A. ISLA
LISTED Basic Energy Corp. (Basic) said on Friday that it entered into a heads of agreement with Geoenergy Inc. to jointly pursue the former’s geothermal power project in Mabini, Batangas.
In a disclosure to the Philippine Stock Exchange, Basic said Geoenergy Inc. is an affiliate of New World Energy Ltd. (NWE) of Australia.
After the execution of the heads of agreement, Basic said a farm-in agreement will be prepared and finalized.
Under the farm-in agreement, Basic said Geoenergy shall have the right to acquire up to 70-percent participating interest in the project for funding 100 percent of the exploration costs up to the completion of drilling one geothermal exploration well.
Basic said that NWE has an existing geothermal energy exploration project within Australia and formed Geoenergy together with local partners Filtech Energy Drilling Corp. (Fedco) and PhilCarbon Inc.
Geoenergy said it plans to acquire, explore and develop geothermal energy resources in the Philippines for power generation.
Basic said the funding of the requirements of this project shall be handled by NWE.
Basic earlier said it entered into an agreement with Altus Transactional Services to joint develop business opportunities in renewable-energy project.
Basic said that under the memorandum of understanding, the joint development of RE sources will be done through both companies’ respective networks in the international energy business.
Basic is in the business of providing financial advisory and strategic development services worldwide.
It added that Altus will seek to identify third parties with financial capabilities to invest in mutually identified projects either on an equity basis or via project financing.
(Paul Anthony A. Isla)
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