Funds will be used to drill additional wells and related production facilities at Montelago geothermal project
Nickel Asia said in a disclosure to the stock exchange it paid P237 million or half of the approved P474-million additional investment in the power company. The funds will be used to drill additional wells and related production facilities within Montelago geothermal project in Mindoro Oriental, the company said.
The Montelago geothermal project in Mindoro Oriental recently received a new volumetric assessment report from Iceland Geosurvey, the consultant of project proponent EPI. The company said the new assessment report resulted in an increase in the Montelago geothermal resource to a range of 28 to 30 megawatts over a 25-year period. “The resource can expand with further drilling,” Nickel Asia said.
The geothermal plant project involves the drilling of the Montelago field and the installation of up to 40 megawatts of power generating units at a projected cost of $185 million.
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