Polaris Geothermal Signs Well Drilling Contracts

Polaris Geothermal Inc.’s subsidiary, Polaris Energy Nicaragua entered into US$30 million contracts for the drilling of production and re-injection wells in order to triple its generation capacity at the San Jacinto geothermal field in Nicaragua.

The first of the contracts was entered into with the drilling company Perforadora Santa Barbara, a subsidiary of LaGeo of El Salvador. The contract is for the drilling of four new wells over eight months. Another eight wells will be drilled in a subsequent phase. The drilling of these 12 wells is due for completion in 22 months, with commencement of the first well immediately. It will be initiated following completion of negotiations with the Banco Centroamericano de Integracion Economica (BCIE), expected in Q1 of 2007. Construction of the steamfield and plant installations to triple the current production to 31.4 megawatts will require a workforce of about 700 people. In addition to the San Jacinto concession in Nicaragua, the company has plans to drill its second concession, Casita, which had 90% probability to produce 137 MW. The company is also examining potential geothermal business opportunities in other countries.
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