Energy Development Corporation (EDC), the managing partner for the joint venture, decided to postpone the drilling in response to lower commodity prices which have negatively impacted near-term project economics. The drilling was previously scheduled to begin in October of this year.
In the meantime, Alterra and its partner, Energy Development Corporation, will continue developing the project through engineering work for the power plant and transmission interconnection, proceeding with an environmental impact assessment, and other development activities. Under the joint venture agreement, EDC is currently funding all project activities up to a total of US$58.3 million.
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