January 29 (SeeNews) - UK-based renewable energy company Cindrigo Holdings [LSE:CINH] said on Monday it has completed the first phase of its drilling plan, including all civil works and well pad construction, for its Slatina 3 geothermal project in northern Croatia.
Local drilling company Crosco has inspected and confirmed readiness for mobilising the drilling rig. This marks the beginning of deep-level drilling for Cindrigo's Croatian subsidiary, EES Dravacel Energetika, Cindrigo said in a press release to the London Stock Exchange.
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Drilling is scheduled to start in February 2024. The deep-level drilling of the GT-1 well at Slatina 3 aims to reach approximately 4,000 metres into a known geothermal reservoir. Past drilling in this reservoir revealed water temperatures surpassing 200°C, exceeding the established thresholds for geothermal power generation.
The work programme continues with the support of Cindrigo's largest shareholder, Danir AB, which has lent an additional 3.3 million euro ($3.6 million). Danir has thus acquired a 45% indirect stake in the Slatina 3 project.
Pending approval from the Croatian hydrocarbon agency for the second permitted extension to the Slatina 3 License, the second phase will involve finalising the drilling programme and assessing well data to confirm crucial factors, such as geothermal flow rates. The goal is to transition from the exploration phase to the exploitation phase.
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