U.S. Geothermal receives US$3.8 million DOE funding for San Emidio
U.S. Geothermal Inc. has been awarded $3.77 million in DOE funding for the exploration and development of its San Emidio geothermal power project using advanced geophysical exploration techniques.
In a release, “U.S. Geothermal Inc. (TSX:GTH), announced that it has been awarded $3.77 million in Recovery Act funding for the exploration and development of its San Emidio geothermal power project using advanced geophysical exploration techniques. This award was categorized under the ‘Innovative Exploration and Drilling Projects’ section of the American Recovery and Reinvestment Act.
The project at San Emidio will apply innovative, seismic and satellite imagery techniques along with state-of-the-art structural modeling, to locate large aperture factures that represent high-productivity geothermal drilling targets. “This award will assist in increasing per-well productivity and thereby reducing the number of production wells required to develop a geothermal resource. It also has a good chance of substantially increasing the San Emidio resource base while reducing overall field development costs. I expect that advanced exploration techniques developed with this DOE funding will provide powerful new tools for full development of all five of our geothermal properties,” noted William Teplow, Vice President Exploration for U.S. Geothermal.”
Source: Company announcement via Benzinga