Under the terms of the agreement, Geodynamics is entitled to earn an initial 25% interest in the Savo Island Geothermal Power Project following the completion of initial geophysical studies to determine target locations for a drilling program. Geodynamics has the right to earn an additional 45% interest through exploration drilling and the completion of a feasibility study for the project.
The project is located on the island of Savo, 14 km off the north coast of Guadalcanal where a volcanic based geothermal resource has been identified. Preliminary exploration studies indicate that the island could host a substantial geothermal reservoir at temperatures in excess of 260°C and at depths of 500 - 1,500 m.
Read More....
