In a news release, “Reservoir Capital Corp. reports  that its wholly-owned subsidiary, Southern European Exploration D.o.o. (“SEE”) has been granted three more licenses (Kupusina, Adorijan and Vrbica) to explore for geothermal energy in the Vojvodina Region of northern Serbia. These license areas were selected based on the results of historical oil and gas and geothermal exploration into hot water aquifers of the Pannonian Basin.

The Kupusina license comprises a 26.5 square kilometre area, with seven historical drillholes executed between 1978 and 1987, that intercepted limestone and sandstone aquifers at depths ranging from 57 metres to 1,382 metres. Reservoir temperatures are estimated to be in excess of 80 degrees centigrade for most of the deeper aquifers, with potential of up to 160 degrees centigrade.

The Adorijan-Novi Knezevac (“Adorijan”) and the Banatsko Arandjelovo-Vrbica (“Vrbica”) licences are 22.5 and 48 square kilometres in area respectively and lie close to each other in northern Serbia near the Hungarian border. Twenty-four drillholes were executed for oil and gas and geothermal exploration in the area during the 1970′s and 1980′s. The holes intercepted a series of hot water aquifers in sandstones at depths between 421 and 1,854 metres. Reservoir temperatures are estimated to be in excess of 90 degrees centigrade for most of the deeper aquifers, with potential in excess of 200 degrees centigrade for one of the deeper oil and gas drillholes.

Including the Vranjska Banja License, issued in November 2009 (see REO news release dated January 5, 2010), the Company now holds four licenses, each selected as a priority target based on historical datasets. In the past, hydrological and geothermal drilling targeted shallow aquifers for use in district heating and spas. The deeper oil and gas drillholes in the same regions have intercepted aquifers at considerably higher temperatures, which have not been previously evaluated for their geothermal potential.”

Source: Company announcement via Marketwatch