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| (Courtesy Polaris Infrastructure) |
Polaris Infrastructure Inc., based in Toronto, Ontario, Canada, reports its financial and operating results for the quarter ended March 31, 2016.
The San Jacinto-Tizate Power Plant generated 105,599 MWh (net) (an average of 48.4 MW (net)), resulting in revenue of $12.6 million for the quarter ended March 31, 2016, versus revenue of $12.3 million on generation of 106,045 MWh (net) (an average of 48.8 MW (net)) in the prior year period.
The first new production well, SJ 6-3, is in the midst of thermal recovery and will be connected to the plant in the third quarter of 2016. We are confident that SJ 6-3 is a commercial well and will provide specific guidance as to estimated additional steam flows and hence MW contribution once production testing is complete.
Drilling of the second new production well, SJ 14-1, was completed in late April 2016, and preliminary results are anticipated in June 2016. The first of four injection well workovers has been completed, with the balance to occur in May and June, 2016, at which point we will begin drilling SJ 9-4, our third new production well. A more detailed discussion of the 2015/2016 drilling program can be found in our MD&A.
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