Basic Energy Corp. said that its project with Trans-Asia Oil and Energy Development Corp. will meet its September deadline to finish the drilling of the Mabini geothermal power project in Batangas.
In a disclosure to the Philippine Stock Exchange on Monday, Basic said the drilling activities have reached 1, 500 meters and that site testing will soon follow.
Basic Energy senior vice president Anthony Cuayong said that the project is projected to reach 78 days from its June 15 spudding.
Drilling activities were performed in order to check the geothermal resources at the site and determine if it can support a 25-megawatt (MW) power plant.
“The anchor casing has been installed at a depth of 373 meters, allowing coring operations to commence at that depth, to reach a target depth of 1,500 meters,” the company said.
The consortium is drilling the first well in the service contract no. 8 at the Calumpan Peninsula, which covers 3, 841 hectares. Basic owns 75 percent of the service contract, while Trans-Asia owns 25 percent.