In a release by both companies, “ThermaSource, Inc. and Ram Power, Corp. (TSX: RGP), through its subsidiary Polaris Energy Nicaragua S.A. (“PENSA”), announce the signing of a drilling contract for the geothermal development of the San Jacinto-Tizate Project in Nicaragua. ThermaSource was awarded the drilling contract from PENSA following a competitive bidding process involving geothermal drilling companies from around the world.

San Jacinto-Tizate Project: The goal with this contract is to drill multiple wells, both injection and production, to roughly 2,500 meter depths to support the expansion of the current power generation plant. With 56 MW drilled and available at the production well heads, and the two most recently drilled production wells tested at 16 MW and 22.8 MW respectively, PENSA is expecting to drill only two additional production wells to reach the full 72 MW net capacity.

Tecton Geologic, a wholly owned subsidiary of ThermaSource also signed a contract for the mud logging business for the drilling operations on the San Jacinto-Tizate Project in Nicaragua.

Louis Capuano, Jr., Chief Executive Officer of ThermaSource, Inc., said “We are excited to be a part of the expansion of geothermal power in Nicaragua and look forward to working with Ram Power and PENSA on a successful drilling project.”

Stuart Johnson, Vice President Geothermal Resources for Ram Power, said “The drilling contract represents a major milestone in the completion of the San Jacinto-Tizate expansion and we are looking forward to the working relationship with ThermaSource. We believe that Nicaragua is quickly becoming one of the leading Central American countries developing geothermal power.”

Source: Company release

1 Comment

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   GeothermAxPosted Mar 30th 2010 2:35 pm

   It’s nice to see a lot of real geothermal drilling happening.
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