As a result, Green Rock is now seeking to re-coup its costs under a $US3.7 million insurance policy with the World Bank.
In a statement on Friday, the geothermal explorer said a short-term production test confirmed a water temperature of 146ºC at the base of the Ortaháza-5 well and favourable water chemistry. Testing was undertaken from a depth of 2917-3151 metres in Triassic carbonate sediments.
After the initial testing, acid was injected into the fractured carbonate reservoir to enhance the water flow rates from the well.
But Green Rock said that while the acidising “substantially” increased the water flow rates, they were still only considered suitable for the supply of energy for direct heat applications.
“Because these water flow rates are insufficient for commercial generation of electricity under current market conditions, an independent assessment report is being completed for submission to the World Bank Geofund for refund of a substantial portion of the expenditures incurred on the Ortaháza well testing program,” Green Rock said.
Despite this result, Green Rock said the joint venture still believed the region’s geology had potential for geothermal and was so looking to secure another project site.
