Reservoir Capital renews and extends Serbian exploration license
The Vranjska Banja geothermal exploration license of Reservoir Capital Corp. in Serbia has been renewed until 2016 and extended covering two additional wells.
Reservoir Capital Corp. reports that the Ministry of Natural Resources, Mining and Spatial Planning, of the Republic of Serbia has renewed the Company’s Vranjska Banja geothermal exploration license in southern Serbia for an additional 3-year period to August 16, 2016. The license now also covers the geothermal wells VG-2 and VG-3 that were within an exploitation license that expired over the previous period and which has now been incorporated into Reservoir’s license area.
The Company has measured discharge temperatures of 96degC (boiling at this elevation) and relatively high artesian flows averaging approximately 60 litres per second from VG-2 and VG-3, with temperatures of up to 137degC were reportedly measured at less than one kilometre depth when the wells were drilled. California-based consultants GeothermEx Inc. previously completed an independent review of the historical data, and measurements taken during the Company’s four season reservoir studies on VG-2 and VG-3, concluding the target could potentially support a power generation project of at least 10 MW in size, utilizing a binary-cycle power plant (see older news).
Source: Company release via Marketwire