MANILA, Philippines — Listed Basic Energy Corp. has given up on several geothermal and gas service contracts (SC) amid challenges in each project. In a disclosure to the Philippine Stock Exchange yesterday, Basic Energy said it submitted to the Department of Energy (DOE) several notices to withdraw from various SCs. One of the projects is the Mabini Geothermal Service Contract (GSC) No. After DOE’s termination, Basic Energy had requested for a reconsideration of the termination, but is now being withdrawn “considering that a review of the CSMT (controlled source magneto-telluric) studies does not fully support a viable geothermal resource.”Lastly, Basic Energy is withdrawing from SC 53- Onshore Mindoro, a natural gas exploration project in the area. The company has informed the SC 53 consortium of its withdrawal, which entails the surrender of its three percent participating interest.

Source: Philippine Star February 21, 2020 16:30 UTC