|By Marketwired .||
|February 7, 2013 08:00 AM EST||
RENO, NV -- (Marketwire) -- 02/07/13 -- Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the following update for the San Jacinto Phase II expansion project in Nicaragua.
As required by the Phase II loan agreements, the Company conducted a 30-day performance test on the Phase II unit to verify that the plant meets its minimum generation capacity. The Phase II expansion produced a total of 25,676 MWh versus the required 23,688 MWh in order to achieve certification. During the performance test, the plant maintained 99.94% availability, operating at the required 36 MW net output from the Phase II Fuji turbine and exceeding the requirements of the performance test.
Currently, the Phase I and Phase II expansions are running at 65 MW gross (61 MW net), which is in-line with expectations following the commercial operation of the Phase II expansion. The plant will incur an 8-day outage starting February 10, 2013, to install an updated distributed control system for the plant and modify the injection piping to allow for more flexible operation of brine injection.
The Company, along with its resource consultant Sinclair Knight Merz ("SKM"), is currently finalizing drilling plans to increase the available steam to enhance future production. The Company estimates that it will commence drilling in May of 2013 and complete the drilling program by the end of the third quarter 2013. The drilling plans call for the refurbishment and forking of two existing production wells with a targeted increase in the steam availability of approximately 70-110 tonnes/hour, or approximately 9 to 14 MW of additional net capacity. The estimated drilling cost of $6.3 million will be funded from the Project's major maintenance reserves established under the Phase I and II Credit Facilities
"We are pleased with the efficiency and performance of the Phase II turbine during the scheduled 30-day run test," stated Tono Rodriguez, VP, Operations and COO, Latin America. "As both the Phase I and II expansions are now in commercial operation, the San Jacinto Project becomes the largest single producing geothermal project in Nicaragua. We are diligently moving forward with our drilling program and are cautiously optimistic that we can increase additional steam resources to increase the plant output over the coming months."
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.
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