News

EDC not to pursue Chocopata project in Peru after initial surveys

Geothermal sampling at Pinaya springs, Chocopata, Peru (source: flick/ GRC, creative commons)
Alexander Richter 6 Sep 2012

Following initial geo-scientific surveys for the Chocopata Project, a planned JV with Hot Rock Peru, Energy Development Corp and EDC Geotermica have decided not to pursue the project. There are no news though on the Quellaapatcheta project also in Peru.

Reported this morning from the Philippines, Energy Development Corp. (EDC) and EDC Geotermica S.A.C. “have made the decision not to pursue the Chocopata Project based on the results of the initial geo-scientific surveys”.

“The company said this is pursuant to the terms of the Peruvian joint venture agreement dated February 2 (2012) between EDC and HRL, and the Chocopata shareholders agreement dated May 2 (2012) between EDC Geotermica S.A.C. and Hot Rock Peru SA.

“EDC’s decision does not have a material effect on EDC’s existing operations and financial condition as such project was in its preliminary stage for evaluation only,” it added.

The company did not say anything about the Quellaapatcheta geothermal project, which is also in Peru.

On July 23 (2012), EDC has dropped its interest in Calerias and Longavi geothermal projects in Chile under its agreements also with Hot Rock Ltd. as initial geo-scientific surveys showed the projects are not feasible.”

Source: Business World Online