Positive developments for U.S. Geothermal on funding and development
The third quarter of 2017, has been a positive quarter for U.S. Geothermal despite a drop in revenues. The company was able to secure two grants for its El Ceibillo geothermal project in Guatemala and has successfully completed well flow tests for its San Emidio II project in Nevada.
As part of its reporting on financial results for Q3 2017, geothermal developer U.S. Geothermal provides an operational update.
Successfully completed multi-well flow test at the recently drilled Southwest Zone wells at San Emidio II. Flowing temperature from the three wells ranged from 319°F to 325°F. Test results confirm resource estimate of 25MW (at P90) to 47MWs (at P50).
El Ceibillo development project awarded $3.42 million grant from the German Development Facility for Latin America for further drilling.
U.S. Trade and Development Agency (USTDA) awarded a $825,319 grant to U.S. Geothermal Guatemala S.A. to provide funding for a feasibility study on the El Ceibillo development project.
Company continues to respond to RFPs/RFOs from potential customers in order to secure power purchase agreements to foster significant Corporate growth.
Source: Company release