By Danessa Rivera (The Philippine
Star) | Updated April 1, 2016 - 12:00am
MANILA, Philippines - Drilling at
the Mabini geothermal service contract in Batangas is set to commence in May
after Basic Energy Corp. and partner Trans-Asia Oil and Energy Development
Corp. tapped a unit of Lepanto Consolidated Mining Co.
Basic Energy recently disclosed the
consortium approved the drilling program for an exploratory well in the
Geothermal Service Contract No. 8 in Mabini, Batangas.
“In this connection, the consortium
yesterday formally signed the drilling contract calling for Diamond Drilling
Corp. of the Philippines to provide services for the drilling and coring of an
exploratory hole with a minimum depth of 1,500 meters,” the company said.
Basic Energy said the decision to
award the drilling contract to Diamond Drilling “followed the consortium’s
rigorous assessment of the technical capabilities of shortlisted contractors
vis-à-vis its approved budget.”
Diamond Drilling is a wholly owned
subsidiary of Lepanto Consolidated Mining Co., one of the Philippines’ oldest
mining companies.
Basic Energy said the drilling
program is set to be completed within 90 days from commencement.
The firm also said it has submitted
a Notice of Intent to Drill to the Department of Energy.
Located in the 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 60MW.
Basic Energy has a 75 percent stake
in the project and is the operator of the service contract.
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