Basic reviews energy assets

Basic Energy Corp. signed an agreement with FECD Energy Resources and Development Services to review and evaluate existing data and the geological and geochemical survey of its geothermal power projects.

Basic said in a disclosure to the Philippine Stock Exchange the data would come from the East Mankayan Geothermal Power Project, Mariveles Geothermal Power Project, Iriga Geothermal Power Project and West Bulusan Geothermal Power Project

Under the services agreement, FEDS will conduct the review and evaluation of existing data and the reconnaissance geological and geochemical field work of the power project areas to assess their technical viability.

“The work is estimated to be completed in three months time. The results of the study will assist Basic in planning for the detailed surface exploration phase,” the company said.

FEDS is a local technical management and consultancy company with expertise in energy and natural resource exploration, exploitation and production, including minerals, oil and gas, coal, cabled methane, geothermal and other renewable energy sources.

Its core group of geoscientists has over 30 years of experience in pre-exploration, exploration and production projects.

Aside from the new projects, Basic is developing the 20-megawatt Mabini geothermal project in Batangas.

The company’s work program on the Mabini geothermal project is on sub-phase 3, which involves the drilling of one exploratory well by 2015. The work program is estimated to cost P166 Million.

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