By Danessa Rivera (The
Philippine Star) | Updated April 13, 2016 - 12:00am
MANILA, Philippines – The Department
of Energy (DOE) has issued the go-signal to start drilling at the Mabini
geothermal service contract in Batangas which is jointly owned by Basic Energy
Corp. and Trans-Asia Oil and Energy Development Corp.
In a disclosure to the Philippine
Stock Exchange yesterday, Basic Energy said the consortium received the DOE’s
approval of the Notice of Intent to Drill an exploratory well in Geothermal
Service Contract No. 8.
Drilling will commence in the second
week of May, Trans-Asia senior vice president Raymundo Reyes said in an
interview at the company’s stockholders’ meeting yesterday.
“We have committed to spend around
P50 million for the contractor and more than twice that amount for the whole
project,” he said.
Last month, the consortium tapped
Diamond Drilling Corp. of the Philippines (DDCP), a unit of Lepanto
Consolidated Mining Co., to provide drilling and coring services for an
exploratory well at a minimum depth of 1,500 meters.
The drilling program is set to be
completed within 90 days from the start of drilling works.
Located in Calumpan Peninsula, the
Mabini Geothermal Sevice Contract No. 8 covers 3,841 hectares. Based on the
pre-feasibility study, the area is projected to yield a power capacity between
20 megawatts and 60 MW.
Basic Energy has a 75 percent stake
in the project and is the operator of the service contract. Trans-Asia has an
equity participation of 25 percent.
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