Basic Energy Corp. will sell unissued shares to Thailand-based Vintage Engineering Public Co. Ltd. (VTE) in line with their joint development of renewable energy (RE) projects here and abroad.
In a disclosure yesterday, Basic said it has entered into a subscription agreement with VTE, a publicly-listed company in Thailand, “for a strategic partnership to pursue the exploration, development and production of renewable energy resources, in the Philippines and abroad.”
Also under the deal, both parties agreed VTE has the right to invest in the Mabini geothermal project and other projects.
Currently, Basic Energy has five geothermal service contracts, namely the Mabini Geothermal Service Contract (SC) in Batangas, East Mankayan Geothermal Prospect in Ifugao, Mt. Mariveles Geothermal Project in Bataan, Mt. Iriga Geothermal Project in Albay and West Bulusan Geothermal Prospect in Sorsogon.
Among its projects in the pipeline, the Batangas project is the most advanced, with the drilling of an exploratory well currently under way. Basic partnered with Trans-Asia Oil and Energy Development Corp. to develop the resource.