U.S. Geothermal Inc. announced today its financial and operating results for the first quarter of 2017, ended March 31, 2017, reaffirmed guidance for 2017 and highlighted notable achievements in the first quarter of 2017.
Development Projects Update:
- Purchased and installed a production pump and associated equipment into well RRG-5 at Raft River. The well was placed into operation on March 21, 2017 and is producing 1,100 gpm. Production from the Raft River plant is now operating at 1.2 MW over the 2017 plan.
- An updated reservoir model for the San Emidio II reservoir identified the potential size of the resource as up to 47 net megawatts.
- Permits were received for the deepening of 3 wells in the San Emidio II reservoir. Drilling will proceed this spring once weather and ground conditions allow access.
- A power plant development permit application for San Emidio II, with up to three power units, was submitted to the U.S. Bureau of Land Management on March 29, 2017.
- Received a $150,000 Small Business Vouchers grant from the U.S. Department of Energy to develop and evaluate the installation of an integrated solar topping turbine at Raft River, which would create a profitable Geothermal-Solar hybrid cycle.
- Began advance resource evaluation work at both San Emidio II and Crescent Valley associated with the recently awarded $1.5 million SubTER grant from the Department of Energy.
- Drilled a third water well at Neal Hot Springs, which was determined to be uneconomical. A fourth well was drilled which is capable of providing an estimated 80 gpm of fresh water for hybrid cooling. Negotiations are underway to acquire surface water rights in the area and testing of a brine treatment system that would provide cooling water is continuing.
- Final turbine and generator bids were received from the shortlist vendors for the Geysers project.
