Qualibou Energy reports higher proven resource for St.Lucia project of 20MW

Qualibou Energy reports higher proven resource for St.Lucia project of 20MW St Lucia - view of the Pitons from Anse Chastenet (source: flickr/ heatheronhertravels creative commons)
Alexander Richter 16 Nov 2010

Qualibou Energy reports a new appraisal by GeothermEx to estimate the proven resource of its St. Lucia project in the Caribbean to be 20MW, an increase of 67% over earlier estimates.

In a release by the company, “Qualibou Energy Inc. announces the completion of an updated GeothermEx Inc. appraisal for our St. Lucia, Sulphur Springs, resource concession area.

GeothermEx Inc., a Schlumberger company, and leading geothermal consulting firm, has completed their analysis and estimates the Sulphur Springs concession area to have a much larger Proven resource value than earlier studies had indicated.

Stephen Baker, President and CEO of Qualibou Energy stated, “This new study is terrific news for Qualibou. Our Proven resource reserves are substantially greater than we first thought. With this increased value and certainty, we have upgraded our phase one build out plans from 12 MW to 20 MW (a 67% increase) as was described in yesterdays Partnership Financing press release. This report also reduces our risk of development while driving financial economies of scale into Qualibou’s first project located on the island of St. Lucia.”

Baker further stated, “This is an exciting time to be part of the geothermal community. With many opportunities to choose from, St. Lucia provides us with a terrific launch pad for further concessions around the globe.”

Source: Company release via Marketwatch