REG - Cindrigo Hldgs Ltd - PROJECT UPDATE - Breaking ground on Slatina 3

Cindrigo HoldingsAnnouncement

19/12/2023 11:15

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RNS Number : 3166X  Cindrigo Holdings Limited  19 December 2023

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December 19, 2023

 

 

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

 

PROJECT UPDATE

 

Cindrigo achieves major milestone by breaking ground on its Slatina 3 project
site

 

Cindrigo Holdings Ltd. (LSE:CINH) is pleased to announce that, despite the
continued delay in the re-listing process, its Croatian subsidiary EES
Dravacel Energetika d.o.o. ("Dravacel") has broken ground at its Slatina 3
site in northern Croatia and has commenced site work and conductor drilling
well pads.

 

Current activity is focussed on ground works preparing a well pad for the
drilling of geothermal well "GT-1".  GT-1 is fully permitted to be drilled to
a depth of 4400 metres, targeting a known geothermal reservoir.  Prior
drilling by third parties into the same reservoir at similar depths provided
direct temperature measurements approaching 200C which is more than adequate
for power generation.

 

The GT-1 geothermal well is located on Slatina 3 Geothermal licence area which
totals an area of some 55 km(2) (c. 5 500 hectares) (the "Licence Area").
Dravacel has acquired and designated 57,000m(2) (c. 5.7 hectares) of the
Licence Area to facilitate the project, based on site layout drawings. Site
investigations suggest the Licence Area has further potential for the
development of plants with several times the initial developed capacity.

 

Wellsite construction works are now well advanced, including the completion of
access roads and the drilling of conductor well and, well pad   Preparatory
works and equipment transport is almost complete, and with over 15,000 cubic
metres of gravel and filling already delivered to the site. Initial ground
works as excavation, compaction, are also nearing completion.  Final
earthworks are expected to be completed before the end of the year.

Photographs of some of the work to date are available for viewing on the
Company's website at https://www.cindrigo.com/investor-relations/gallery/
(https://www.cindrigo.com/investor-relations/gallery/)

 

The works to date have been completed safely, without accident or incident,
and the conductor well was completed without any adverse issues and the work
continues on schedule.

 

The remaining ground works are ongoing, and site handover to the drilling rig
operator CROSCO are on track to meet the well completion scheduled for April
2024.

 

The recent groundwork has been financed by a further subscription of £1.3
million by the Company's largest shareholder Danir AB. To date circa £3.5
million has been invested in the land and development of the Slatina 3
project, however investors should note that the work has been delayed by the
continued delay in the prospectus and eligibility approval process and the
proposed application for readmission of the entire issued share capital of
Cindrigo with a Standard Listing on the main Market of the London Stock
Exchange.

 

The Company is continuing the process of seeking approval by the FCA of a
prospectus in respect of its proposed application for re-admission to the
standard segment of the Official List and to trading on the Main Market of the
London Stock Exchange which it hopes will lead to readmission to trading. If
the application for readmission to trading is successful, the Company
anticipates that further funding will be made available more quickly.

 

 **ENDS**

 

 

 

For more information please contact:

 Cindrigo Holdings Limited                                                +44 (0) 7408 861 667

 Lars Guldstrand CEO

 Hannam & Partners (Financial Advisor & Corporate Broker) Samuel          +44 (0) 20 7907 8500
 Merlin, Sean Urquhart

 St Brides Partners Ltd (PR)

 Catherine Leftley, Paul Dulieu

                                                                          +44 (0) 20 7236 1177

 

 

 

Notes

 

Cindrigo Group is an active clean baseload power developer engaged in the
renewable energy sector. Cindrigo is currently focussed on the construction of
its proposed 20 MW geothermal power plant located in Croatia. A number of
expansion projects are also underway, primarily in the Pannonian Basin of
Central Europe and also select markets where Cindrigo has natural strategic
partners.

 

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 by the FCA of a prospectus in
respect of its proposed application for re-admission to the standard segment
of the Official List and to trading on the Main Market of the London Stock
Exchange.

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