The Philippines Department of Energy granted the farm-in agreement between DESCO Inc. and Basic Energy Corp., which allows the former to take an 80 percent stake in the Iriga geothermal project located in Camarines Sur.
Basic Energy said in a disclosure with the Philippine Stock Exchange Thursday that DESCO will finance the drilling operations at the Iriga geothermal project.
According to Basic Energy, DESCO will fund the drilling of the first well, while the succeeding wells will be financed by Basic at 20 percent and DESCO at 80 percent. The farm-in agreement was signed last January 18.
