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Wednesday, November 9, 2016

USA, Idaho: U.S. Geothermal Announces Financial and Project Updates

U.S. Geothermal Inc. Reports First Nine Months 2016 Results and Reaffirms 2016 Guidance (News Release)

Development Projects Update:
  • Received draft Small Generator Interconnection Agreement from Nevada Energy for the 10 MW San Emidio II expansion, increasing San Emidio interconnection allowed from 16 MW to 19.9 MW.
  • Completed the drilling of a second production leg on well RRG-2 at Raft River. The well is now back in production and heat up is in progress.
  • Completed the drilling and testing of a production size well at El Ceibillo in Guatemala. Results confirm the shallow resource is commercial
  • Completed the deepening and testing of two existing temperature gradient wells at San Emidio II. Both wells encountered high permeability and a resource that is 44°F hotter than Phase I resource.
  • Adjusted Projected Commercial Operation Dates for advanced development projects. 
  • Finalized award of the $1.5 million grant by the Department of Energy for Crescent Valley and San Emidio to advance resource evaluation through innovative techniques.
“While we experienced some extraordinary mechanical challenges during the first three quarters of 2016, which negatively impacted our Gross Profit by $2.3 million, our power plants are performing admirably going into the fourth quarter,” said Dennis Gilles, Chief Executive Officer. “Unfortunately, our Net Income was also negatively impacted by onetime non-recurring expenses totaling $0.99 million that we incurred earlier in the year to enhance our share valuation.”