Chile:

EDC Budgets P3.8 Billion for Mariposa Geothermal Drilling (BusinessWorld Online Edition)

Exploratory drilling will start in October

The Mariposa prospect. Courtesy Alterra Power

Energy Development Corp. (EDC) will invest nearly P4 billion to conduct exploratory activities in partnership with Canada’s Alterra Power Corp. at the Mariposa geothermal prospect in Chile this year, officials said on Tuesday.

Arman V. Lapus, EDC managing director for Latin America, said the company will undertake “the first major international drilling campaign” for the concession area in October. “We’re hoping to drill at least two to three wells,” Mr. Lapus told reporters after the company’s annual stockholders’ meeting in Makati City. The intention is to prove the availability of resources in the area,” he added.

EDC signed a joint venture agreement in 2013 with Alterra Power Corp. for the development of the Mariposa geothermal concession area in Chile. Under the deal, EDC will take a 70% interest in Compania De Energia, a subsidiary of Alterra that owns the Mariposa project. The remaining 30% will continue to be held by the Canadian firm through its wholly-owned subsidiary, Magma Energy Chile Limitada.

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