Serbia:

Reservoir Renews and Enlarges its Vranjska Banja Geothermal License (Wall Street Journal - Press Release)

Reservoir Capital Corp. reports that the Ministry of Natural Resources, Mining and Spatial Planning, of the Republic of Serbia has renewed the company's Vranjska Banja geothermal exploration license in southern Serbia for an additional 3-year period to August 16, 2016. The license now also covers the geothermal wells VG-2 and VG-3 that were within an exploitation license that expired over the previous period and which has now been incorporated into Reservoir's license area.

Reservoir Capital has measured discharge temperatures of 96 degrees C (boiling at this elevation) and relatively high artesian flows averaging approximately 60 liters per second from VG-2 and VG-3, with temperatures of up to 137 degrees C were reportedly measured at less than one kilometer depth when the wells were drilled.

California-based consultants GeothermEx Inc. (a Schlumberger Company) previously completed an independent review of the historical data, and measurements taken during the company's four season reservoir studies on VG-2 and VG-3, concluding the target could potentially support a power generation project of at least 10 MWe, utilizing a binary-cycle power plant.

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