Ram Power will complete the San Jacinto-Tizate project remediation drilling program in January. The company will sell The Geysers project early in the new year.
Ram Power and the lenders are in negotiations to amend the remediation completion date in the Common Terms Agreement, with such revised date to start in mid-January 2014. Following the completion of the resource remediation drilling program, Ram Power will conduct a plant capacity test expected to be concluded in mid-February 2014. The test includes a 30-day stabilization period of the resource field followed by a 7-day performance test to determine the net operating output of the plant.
The overall remediation drilling program has a targeted increase in steam availability of approximately 9 to 14 MW, or 70-110 tonnes / hour of additional net capacity bringing total generation to approximately 59 to 63 MW (net).
Ram Power, in its efforts to monetize the Geysers Project, has received several bids from interested parties looking to acquire the asset. The company will be evaluating those bids in the next few weeks with an expectation to enter into a purchase and sale agreement early in 2014. Any monies received will be used for further development of our pipeline projects and general corporate purposes.
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