DOE approves Mabini project drilling

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The Department of Energy (DOE) has approved the drilling of exploratory well in
Geothermal Service Contract 8 in Mabini, Batangas.

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In a disclosure to the Philippine Stock Exchange (PSE), Basic Energy Corp. (BEC), and Trans-Asia Oil and Energy Development Corp. (EDC), the consortium for the geothermal project in Mabini, announced that it had received on Tuesday from DOE the approved notice of intent to drill.

Located in the Calumpan Peninsula, the Mabini Geothermal Sevice Contract 8 covers 3,841 hectares. Based on the pre-feasibility study, the area is projected to yield a power capacity between 20MW and 60MW.

On March 30, the consortium signed the drilling contract in favor of Diamond Drilling Corp. of the Philippines (DDCP) to provide drilling and coring services for an exploratory well to a minimum depth of 1,500 meters. The drilling program is to be completed within 90 days from the commencement of drilling works.

Basic Energy has a 75 percent stake in the project and is the operator of the service contract, while Trans-Asia and EDC have an equity participation of 25 percent.

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