Contact Information: For further information, contact: Philippines: Dom Ligot Phone +63 917 5076 468 email: International: Gudmundur F. Sigurjonsson +354 617 7713 email:
Preparation for Envent's 50 MW Geothermal Power Plant in Leyte, Philippines Progressing Well
Exploration Progress Bodes Well for Iceland-Backed Company
| Source: Reykjavik Energy
MANILA, PHILIPPINES--(Marketwire - November 7, 2008) - The surface exploration on the Biliran
geothermal working area is making good progress, Envent Holding Philippines
Incorporated announced today.
The surface exploration program is being performed by a group of
sub-contractors, including Phoenix Geophysics of Canada and the Philippine
geothermal consultancy Fedco. Under the program more than 200
electromagnetical measurements ("TEM" / "MT"), as well as a range of
geochemical measurements, will be made on the working area with the purpose
of estimating the location and extent of sub-surface steam. Exploration
activities and data processing are expected to be complete in March 2009.
The exploration program is essentially an extension of a surface
exploration and exploration-drilling program the Philippine geothermal
power company PNOC-EDC performed in 1982. If the exploration is successful,
the substantial data available will form a solid basis for further
development and construction of the power plant.
Envent is currently working on several geothermal projects in the
Philippines and is committed to contributing to the Philippine government's
target of an additional 1,200 MW of renewable energy by 2013. Envent's key
shareholders are Reykjavik Energy Invest and Geysir Green Energy, both
global leaders in the renewable energy sector with a specific focus on
geothermal energy. Both companies are based in Iceland where an impressive
100 percent of the power is derived from renewable sources (23 percent
geothermal and 77 percent hydro).
The Biliran Geothermal Development Project is located on the island of
Biliran in the Eastern Visayas region of the Philippines. With a good
connection to the national power grid, Biliran lies just a few kilometers
north of the island of Leyte. One of the smallest provinces in Philippines,
Biliran is 555km2, with a population of 140,000. Its capital is Naval. The
mountainous island is considered a compound volcano with a single historic
eruption in 1939. It is estimated that Biliran has at least 100 MW of
geothermal energy.
Envent's associate company Biliran Geothermal Incorporated will execute the
upstream part of the project.
Comments:
Mr. Gudmundur F. Sigurjonsson, President and Chief Executive, Envent:
We are pleased with the good progress that the surface exploration program
is making. Because of the drilling that PNOC-EDC did in 1982, the data that
we will have available at the end of the current exploration program will
be much more substantial than is typical in projects of this sort. This
will reduce our development risk as well as make the project more
attractive to co-developers.
About Envent Holding Incorporated
Envent (www.envent-power.com) is a renewable energy business dedicated to
the exploration of geothermal resources in the Philippines as well as to
the development of geothermal power plants in the region. Envent is
currently working on several geothermal projects and is committed to
contributing to the Philippine government's target of adding 1,200 MW of
renewable power capacity by 2013. Envent's key shareholders are Reykjavik
Energy Invest and Geysir Green Energy, both global leaders in the
development of the renewable energy sector, with a specific focus on
geothermal energy. Both companies are based in Iceland, where an impressive
100 percent of the power capacity is derived from renewable sources (23
percent geothermal and 77 percent hydro).
About Geysir Green Energy
Geysir Green Energy (www.gge.is) is a leading developer in the geothermal
industry, investing in development projects as well as geothermal
operations. Since its foundation in January 2007 Geysir has invested around
US$ 650 million in geothermal businesses and projects around the world.
Building on the extensive experience from the Icelandic geothermal arena,
Geysir has received significant attention within the industry and is being
recognized as a serious and dynamic player in the field.
About Reykjavik Energy Invest
Reykjavik Energy Invest hf (REI) (www.rei.is) is Reykjavik Energy's
(Orkuveita Reykjavikur) (www.or.is) international business development and
investment arm. REI is a global developer of geothermal power plants and
geothermal-based district heating systems. The company focuses on creating
partnerships to develop geothermal areas.
About Biliran Geothermal Incorporated
Biliran Geothermal Incorporated was specifically established to undertake
upstream development activities on the island of Biliran in the Eastern
Visayas region of the Philippines. Upstream geothermal activities include
the exploration of geothermal areas, well field construction and the
extraction of steam from the area. The company is owned by Filtech Energy
Drilling Corporation (Fedco) and Envent Holding Philippines.