Today's headlines: September 3
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Tests yield geothermal success for Vancouver clean energy power company |
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Monday, 08 December 2008 |
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Vancouver's Western GeoPower (TSX-V:WGP) has completed testing on its fourth well in California's Geysers geothermal field and has established an initial power capacity of nine megawatts, which represents 70% of the initial steam required to supply the planned 35-megawatt Western GeoPower Unit 1 plant. Kenneth MacLeod, president and CEO of Western GeoPower, said the work has been completed under budget and one month ahead of schedule at significant savings. GeoPower is a renewable energy development company. Its projections call for the drilling of eight production wells and one injector. However, should the drilling of these initial wells continue to yield higher productivity, fewer wells may be needed. The drilling program is scheduled to be completed in 2009. California's Geyser geothermal field is 120 kilometres from San Francisco and is the world's largest source of geothermal electricity. Power has been generated from the field since 1960. The Western's Unit 1 plant is scheduled to go into operation in 2010. Western GeoPower's share price range on the TSX during the past week: between $0.14 and $0.16; 52-week high: $0.46; 52-week low: $0.12.
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