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MANILA - Energy Development Corp. has acquired three contract areas in Chile for geothermal energy development.
"May three areas pa sa Chile acquired on our own and we'll be working on. Also, we have a business development team in Chile looking for already-owned prospects available for possible JV or even acquisition," said Erudito S. Recio, EDC investor relations manager.
Early this year, EDC signed an agreement with Hot Rock Ltd., giving the Philippine-listed company control over the joint venture's geothermal projects in South America.
HRL is an Australia-based international renewable energy company holding 23 geothermal tenements across Chile, Peru and Down Under.
Recio said the two firms recently commenced with the incorporation of their joint venture, which will handle the Quellaapacheta and Chocopata geothermal concessions in Peru.
EDC, however, decided not to pursue the Calerias and Longavi geothermal projects with HRL after initial geo-scientific surveys on the two prospects.
"EDC's decision does not have a material effect on EDC's existing operations and financial condition as such projects were in its preliminary stages for evaluation only," Recio said.
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