The consortium of Basic Energy Corp. and Trans-Asia Oil and Energy Development Corp. is on track to complete the drilling of Mabini geothermal power project in Batangas by September.Basic said in a disclosure to the stock exchange on Monday once drilling reached a depth of 1,500 meters, testing at Mabini geothermal project would follow.
Basic Energy senior vice president Anthony Cuaycong said drilling was projected to reach 78 days from spud date of June 15.
“The anchor casing has been installed at a depth of 373 meters, allowing coring operations to commence at that depth, to reach a target depth of 1,500 meters,” Basic said.
Core drilling operation reached a depth of 409 meters as of July 20, 2016.
“The well is projected to validate the geothermal resource that would be capable of fueling a 25 MW power plant,” it said.
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