Basic Energy sells 25% in Mariveles geothermal project to DESCO
Basic Energy finalises farm-in agreement and Deed of Assignment with DESCO, Inc. to acquire from Basic, a 25% stake in the Mariveles Geothermal Project,
In a release to the Philippines Stock Exchange, Basic Energy Corp. has announced having signed the Farm-In Agreement and Deed of Assignment with DESCO, Inc. to acquire from Basic, twenty-five percent (25%) undivided participating interest in the rights, interest, privileges, duties, and obligations in and under the Mariveles Geothermal Project, subject to the approval of Department of Energy (DOE).
We reported about the deal late last year, that Basic Energy already had arranged for a farm-in-agreement with DESCO for the Iriga Geothermal Project in the same region. We assume that this is for the additional Mariveles Project.
Source: Philippines Stock Exchange