The Department of Energy awarded a Coal Operating Contract (COC) of three coal blocks in Barangay Caurasan, Carmen, Cebu on Sept 25, 2009. The total area of the exploration prospect is 3,000 hectares.
There is delineated coal bearing strata at the western portion of coal block 33-1-78. The coal measure is approximately 12 hectares tapered towards the North and is open ended towards the South. At least 3 coal seams ranging from 0.30m to 0.50m in thickness were mapped from the existing test pits. The geologic potential coal reserve of the delineated area is approximately 30,000 tonnes at an initial calorific value of 10,000 BTU.
Based on a current price of €33 per tonne, the potential value of the coal in the Carmen play may reach close to €1 million. AsiaPac’s share of the reserves could thereby equate to roughly €200,000.
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