Basic Energy Corp. has signed a memorandum of agreement (MOA) with Thailand-based Vintage Engineering Public Company Ltd. (VTE) for the exploration, development and production of renewable energy resources both in the Philippines and abroad.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, Basic Energy said the publicly-listed VTE subscribed nine percent on the former’s outstanding but unissued capital stock, covering 435,658,699 shares amounting to about PHP139.4 million.

The investments were divided into two tranches, the first of which is payable on or before Dec. 31, and the second one payable on or before March 31 next year.

Basic Energy is focused on renewable energy and alternative fuels, oil and gas exploration and development.

It is currently undertaking the drilling of an exploratory well in the Geothermal Service Contract No. 8 in Mabini, Batangas.

Meanwhile, VTE, which is into engineering and an Engineering, Procurement and Construction (EPC) contractor, targets to be among the major energy players in Asia. It has energy projects in Japan, Myanmar, Indonesia and the Philippines.

Source: http://www.4-traders.com/BASIC-ENERGY-CORP-6090099/news/Basic-Energy-Thailand-s-VTE-invests-PHP139-4-M-into-Basic-Energy-23188276/