MANILA, Philipines - Lopez-led Energy Development Corp. (EDC) said it is dropping one of its two geothermal projects in Peru.
In a disclosure to the stock exchange, EDC said the company has decided not to pursue the project in Chocopata in Peru.
"Pursuant to the terms of the Peruvian Joint Venture Agreement dated 02 February 2012 between EDC and Hot Rock Limited (HRL) of Australia, and the Chocopata Shareholders Agreement dated 02 May 2012 between EDC Geotermica S.A.C. and Hot Rock Peru SA, EDC and EDC Geotermica S.A.C. have made the decision not to pursue the Chocopata Project based on the results of the initial geoscientific surveys," the company said.
EDC said the decision to drop the project in Peru will not have any effect on its existing operations and financial condition since the project was only in its preliminary stage.
Earlier this year, EDC signed a joint venture agreement with HRL for the development of the Calerias and Longavi projects in Chile and Quellaapacheta and Chocopata in Peru.
Last July, EDC dropped the two geothermal projects in Chile.
ABS-CBNnews.com is the news website of ABS-CBN Corp., which is part of the Lopez Group of Companies.