Aragorn Power and Energy (APEC), a part of Philippines-based APC Group, has received an extension for its Geothermal Renewable Energy Service Contract (GRESC) from the Department of Energy (DOE).

APC Group corporate secretary Edmundo Tan said in a disclosure to the Philippines stock exchange that the extension is for one year.

"The extension, which is allowed under the provisions of the GRESC, was granted to finalize the Pre-Development stage activities necessary for the evaluation of the goethermal resource," Tan noted.

Together with its partner Guidance Management, APEC owns the GRESC located in the Kalinga province covering an area of around 26,000 hectares.

The specified site in Philippines is estimated to have a power-generation potential between 120MW and 200MW.