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Geothermal firms eyeing exploration farm-in deal

May 13, 2010


May 12, 2010, 9:22pm

Geothermal power companies Guidance Management Corporation and APC Group Inc. hope to wrap up negotiations next month for a possible farm-in agreement with a foreign investor their exploration project in Kalinga-Apayao.

GMC chairman Joaquin Rodriquez said they plan to complete the transaction in about six weeks but would not disclose the identity of the prospective investor due to confidentiality reasons.

The geothermal service contract in Kalinga-Apayao is held by GMC and APC subsidiary Aragorn Power and Energy Corporation. The 26,250-hectare area covered by the contract has the potential to produce 60 megawatts of power.

Aragorn and GMC expect to spend $3.7 million over five years for planned exploration activities in the area GMC is a consortium of 14 Filipino, Spanish, Australian and American investors.

GMC is also developing the Amacan geothermal prospect located in Compostela Valley which has a potential of 40 MW. It also owns two coal operating projects in Negros and a $150 million joint venture Bio-Fuel Project with Green Fuel Corporation. (a firm owned by ENDESA and Tecnicas Reunidas of Spain).

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