Listed Basic Energy Corp. has started exploration for a geothermal project in Batangas, expecting to generate power after two to three years.

The company told the Philippine Stock Exchange on Wednesday it had started the first stage of exploration activities for the Mabini geothermal service contract, which will consist of geophysical and geological surveys covering 3,481 hectares at the Calumpan Peninsula in Mabini, Batangas.

Surveys will be done in 60 locations. “These data will be processed and interpreted and will establish the geothermal resource and the exploration drilling site,” the company said.

“Basic’s initial assessments indicated that the area has a good potential for power generation that could be developed within a two- to three-year period considering the existence of adequate infrastructure, adjacency to transmission lines and a strong power demand in the area,” it added.

Basic Energy shares went up by 3.8 percent to 13.5 centavos apiece. — BusinessWorld

Source: http://www.gmanetwork.com/news/story/183640/economy/companies/basic-energy-starts-exploration-in-batangas