Message #19 From:
NewsBot Date: May 8, 2008 08:25:38 PM
Nevada Geothermal's Blue Mountain Well 58-15 Update
Nevada Geothermal Power Inc. (NGP) (TSX VENTURE: NGP)(OTCBB: NGLPF)
announced today the completion of Well 58-15 to a depth of 5706 feet
(1740 metres) at a step-out location 0.8 miles (1.2 kilometres) from
production Well 26A-14. Upon completion, the well has been confirmed as
a producer with geothermal fluid production between 4675 and 5603 feet
(1425 and 1708 metres).
Preliminary flow tests indicate that Well 58-15 will be a
high-temperature producer. The well flows unassisted at flow rates
higher than previous wells and at temperatures greater than 400 degrees
F (200 degrees C).
Fierce geothermal fluid flow and debris exiting from the well
precluded Welaco Well Analysis Group (Welaco) from completing
temperature/pressure/spinner (TPS) surveys in the open hole. The
deepest Welaco data was at 1820 feet which confirmed a temperature of
404 degrees F (207 degrees C) - the highest measured temperature in any
well to date at Blue Mountain.
Indications are that Well 58-15 will be as good a producer as other
wells reported to date. Currently, a liner is being installed to
stabilize the well and the test separator is being modified to
accommodate higher flow rates. Subsequently, production testing,
including flowing TPS surveys as well as injection testing, will be
conducted under the supervision of GeothermEx Inc. to fully determine
the production and injection capacity characteristics of Well 58-15.
Project Financing Update
The bank syndicate is continuing their due diligence regarding the
US $140 million construction loan. In connection with the Second
Limited Notice to Proceed (LNTP) under the fixed-price, date-certain
engineering, procurement and construction (EPC) contract, Glitnir Bank
has increased its credit commitment as of May 5, 2008, to $35 million,
comprised of a $20 million bridge loan and $15 million irrevocable
letters of credit.
Max Walenciak, P.E., is the person responsible for the information in this news release.
Nevada Geothermal Power Inc. is a renewable energy company
developing geothermal projects in the United States to provide
electrical energy that is clean, renewable and sustainable. NGP
currently owns a 100% leasehold interest in four properties: Blue
Mountain, Pumpernickel, Black Warrior, all located in Nevada and Crump
Geyser in Oregon.
This Press Release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. We have tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends", "potential",
and similar expressions. These statements reflect our current belief
and are based upon currently available information. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the Company's actual
results, performance or achievements to differ materially from those
expressed in or implied by such statements. We undertake no obligation
to update or advise in the event of any change, addition, or alteration
to the information catered in this Press Release including such
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
