REG - Cindrigo Hldgs Ltd - Extension of Licence and Drilling Agreement

Cindrigo HoldingsAnnouncement

12/10/2023 07:00

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RNS Number : 8516P  Cindrigo Holdings Limited  12 October 2023

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12 October 2023

 

 

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

 

Extension of Licence and Signing of Drilling Agreement

 

Cindrigo Holdings Ltd. (LSE:CINH) is pleased to announce that the Croatian
Hydrocarbon Agency ("CHA") has approved the extension of the term of the
exploration permit for the Slatina-3 License Area held by EES Dravacel
Energetika d.o.o. ("Dravacel").  Dravacel is a project company majority-owned
by Cindrigo Geothermal Limited, a wholly-owned subsidiary of Cindrigo.

 

The extension to 24 April 2024 is concurrent with the signing of key
agreements with CROSCO, Integrated Drilling & Well Services, Co., Ltd.
("CROSCO"), the leading drilling company in Croatia, and North Tech Drilling
ehf., ("North Tech") an expert geothermal driller based in Iceland with global
experience.  These agreements will secure the drilling equipment, materials
and the expertise required to efficiently execute Dravacel's Drilling Plan.
 

 

All necessary permits and approvals to commence drilling are in place, and the
preparatory work has already started with activity at the drilling site.  The
plan is for mobilisation of the drilling rig and materials for "Spud In", or
the start of drilling, before the end of 2023.  Drilling and steamfield
development will continue during Q1 2024 and this will be followed by power
plant design and construction.

 

The high-quality geothermal energy resource of Slatina-3 has already been
established by previous wells drilled onsite indicating a strong geothermal
reservoir with temperatures in the 170C to 190C range.  This current work is
to prepare a final resource report for Slatina-3 to move forward to its final
stage of an "Exploitation License" and the construction of a power plant.
The proposed well has been expertly designed to also be used in future
operations as a production well or re-injection well, potentially alongside
the two pre-existing wells in the License Area.

 

Lars Guldstrand, CEO of Cindrigo, said: "Slatina-3 is an important asset for
Cindrigo receiving a lot of attention and so each milestone for the project is
a success for the Company.  We rely on the support of our host jurisdictions
as expressed by the grant of permits and approvals, and we only move forward
with the technical experience and practical leadership of experts and
contractors.  It is with genuine gratitude that we thank the Croatian
Hydrocarbon Agency, Crosco and North Tech for the great progress we are so
pleased to announce."

 

 **ENDS**

 

For more information please contact:

 Cindrigo Holdings Limited                                         +44 (0) 7408 861 667

 Lars Guldstrand CEO

 Hannam & Partners (Financial Advisor & Corporate Broker)          +44 (0) 20 7907 8500

 Samuel Merlin, Sean Urquhart

 St Brides Partners Ltd (PR)                                       +44 (0) 20 7236 1177

 Catherine Leftley, Paul Dulieu

 

 

 

Notes

 

Cindrigo is an active clean baseload power developer engaged in the renewable
energy sector.  Cindrigo is currently focused on the successful build of its
geothermal power plants in Croatia and in parallel exploring potential new
developments in select markets where Cindrigo has natural strategic partners
primarily in Croatia/Pannonian Basin but also in other parts of Central
Europe.

 

Cindrigo aims to have contracts in place for geothermal power plant projects
with up to 200 MW of contracted capacity within a year, up to 450 MW within
three years and 1000 MW by 2030.  The financing for each power plant project
will be primarily on a structured project finance basis within special purpose
vehicles for each project.

 

Cindrigo is in the process of seeking approval from the FCA for a prospectus
in connection with its proposed readmission to the Official List by way of a
standard listing and to trading on the Main Marlet of the London Stock
Exchange Main List ("LSE").

 

 

CROSCO Integrated Drilling & Well Services Co., Ltd. is an onshore and
offshore drilling

and well services contractor with a fleet of its one drilling and workover
rigs. It has established a leading presence in the company's regions of focus,
which includes its home jurisdiction of Croatia.  CROSCO has been providing
services internationally since 1952 and has provided services in 34 countries
for many of the world's most recognized oil and gas companies.

 

For more information please visit: www.crosco.com (http://www.crosco.com)

 

North Tech Drilling ehf. North Tech specializes in supplying energy companies
with proficient and flexible talent for geothermal drilling services around
the world.  Based in Reykjavik, Iceland, North Tech combines the best of
Iceland's geothermal drilling experts and operators with innovative equipment
and techniques proven internationally. The company is at the forefront of low
carbon drilling, combined exploration-production well design and the
integration of top-hole and slim well drilling with tailored equipment and
expert supervision.

 

For more information please visit: www.ntd.is (http://www.ntd.is)

 

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