Basic Energy Corp. and Phinma Energy Corp., formerly Trans-Asia Oil and Energy Development Corp., are expected to reach the target drilling depth of the Mabini geothermal project in the first quarter of next year.

Basic Energy disclosed to the Philippine Stock Exchange it started drilling on the San Teodoro, Mabini, Batangas geothermal prospect and reached a depth of 660 meters on Dec. 5.

It said it would conduct core drilling operations until the target depth of 1,500 meters is reached.

“Setting the casing at 660 m allows the Mabini consortium to move to the last hole section. Based on the current timeline, the target depth of 1,500 meters in accordance with the work commitment to the DoE (Department of Energy) will be reached within the year,” Basic Energy senior vice president Anthony Cuaycong said.

Basic Energy started drilling operations in June. Basic Energy is currently drilling the first well in geothermal service contract no. 8 located in the Calumpan Peninsula. The Mabini prospect covers 3,841 hectares.

“The well is projected to validate the geothermal resource that would be capable of fueling a 25-MW power plant,” the company said.

Basic owns 75 percent of the service contract while Phinma Energy holds 25 percent.

Aside from the Mabini prospect, Basic’s other projects are East Mankayan in Benguet, Mt. Mariveles, West Bulusan and Mt. Iriga. Desco Inc. has taken an 80 percent stake in the Iriga project

Basic Energy was originally incorporated as Basic Enterprises Inc. on September 19, 1968 and became an oil and gas exploration and development company on April 26, 1971, assuming a new name, Basic Petroleum and Minerals Inc.

It evolved from an operating to a holding company under the corporate name Basic Consolidated Inc. The company in 2007 changed its corporate name to the present one.

Source: http://thestandard.com.ph/business/224269/basic-bares-mabini-drilling.html