Philippine Energy Development Corp. (EDC) adds three concessions in Chile, extending its activities in South America focused currently on Chile and Peru.
Philippine Energy Development Corp. (EDC) reports it has acquired three geothermal contract areas in Chile.
The companies acquired these areas on its own. EDC has a business development team in Chile that is looking for prospects already held by other parties that might be available for possible joint venture possibilities or outright acquisitions.
The company already signed an agreement with Australian Hot Rock Ltd. that gave EDC control over JV projects in South America. While EDC has decided not to pursue two of the Chilean projects jointly held with Hot Rock, it was announced yesterday that both companies have created JVs for the development of two Peruvian assets.
For EDC the Chilean activities have so far no “material effect on EDC’s existing operations and financial condition as such projects are currently in its preliminary stages for evaluation only”, so EDC.