Raser Reports Lightning Dock Project Progress

Raser Technologies Inc. has released an update on its Lightning Dock, New Mexico project, including that it has selected Barbour Well Inc. to begin drilling in May. Barbour Well is an experienced geothermal well drilling firm licensed to drill geothermal and domestic water wells in New Mexico.

The Lightning Dock resource, located in southwest New Mexico, is one of the most studied, undeveloped resources in the country. It is a shallow resource, with primary production expected from depths of less than 3,000 feet and at temperatures between 285 and 310°F.

“We are extremely anxious to get moving on our next geothermal project,” said Nick Goodman, Raser’s CEO. “The Lightning Dock resource has attracted attention from the geothermal industry since the 1970’s. It has been heavily studied with numerous temperature gradient holes and hot water wells. We are looking forward to making significant progress on our next plant.”

Raser
has completed a comprehensive internal review and report on the Lightning Dock project, has selected drilling locations and will now begin operations by re-entering a well (TFD 55-7) that was drilled in 1984. That well was plugged and sat idle for decades awaiting development of the geothermal resource. Surveys of this well have shown bottom hole temperatures of more than 320°F. Raser plans to mobilize the Barbour #77 rig to Lightning Dock in early May to reopen and flow test well TFD 55-7. Drilling additional production and injection wells will follow the test.

By beginning drilling and construction this year on Lightning Dock, Raser expects to be able to take advantage of the Section 1603 renewable energy grant program established by the American Recovery and Reinvestment Act of 2009. Raser anticipates that a grant for the Lightning Dock project would be in the range of $22 million. When complete, the Lightning Dock project is expected to deliver 15 MW of geothermal power to the Salt River Project Agricultural Improvement and Power District (SRP) under a 20 year power purchase agreement signed with SRP in 2008.

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