January 22, 2017 2:13 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of U.S. Geothermal Guatemala S.A.

Company Overview

U.S. Geothermal Guatemala S.A. engages in the acquisition, development, and utilization of geothermal resources in Guatemala. The company is based in Guatemala. U.S. Geothermal Guatemala S.A. operates as a subsidiary of US Geothermal Inc.

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Guatemala

Key Executives for U.S. Geothermal Guatemala S.A.

U.S. Geothermal Guatemala S.A. does not have any Key Executives recorded.

U.S. Geothermal Guatemala S.A. Key Developments

U.S Geothermal Guatemala S.A. Announces Drilling Update at its El Ceibillo Project

U.S. Geothermal Inc. announced that its whole owned subsidiary U.S Geothermal Guatemala S.A. has completed the drilling of well EC-2A and that well has successfully intersected a commercial geothermal resource at its El Ceibillo project in Guatemala. The resource found in well EC-2A was intersected at a depth of 1,300 feet (396 meters) and had a flowing temperature of 389°F (198.5°C). This well was drilled to follow up on a 2014 temperature gradient drilling program in which two shallow wells also found high temperature fluid, but not in commercial quantities. Temperature gradient well TG-6 recorded a fluid temperature of 372°F (189°C) at 558 feet (170 meters) and well TG-7 found fluid at 381°F (194°C) at 659 feet (201 meters) deep. Additionally, as previously announced, the Guatemalan Ministry of Energy and Mines had approved the modified project schedule that is included in the company's concession agreement on July 21, 2015. The modified project schedule was updated in the concession agreement and was approved October 13, and the Minister of Energy and Mines signed the final decree approving the modified concession agreement. Based on the discovery at EC-2A, two additional wells have been sited to further extend the resource area to the south and west of the known high temperature permeability and to test a deeper horizon in the system. Drill pads are being constructed and drilling of the next well is expected to begin within the next few weeks as weather allows. Pending results of these two wells, a decision will be made on the location for a production size well to fully test the resource to determine its size and production characteristics.

U.S. Geothermal Guatemala, S.A. Starts Drilling Well EC-2 At the El Ceibillo Project

U.S. Geothermal Inc. announced that its wholly owned subsidiary, U.S. Geothermal Guatemala, S.A., started drilling well EC-2 at the El Ceibillo Project on August 6, 2015. At the El Ceibillo project in Guatemala, drilling started on Well EC-2 which has a planned depth of 1,968 feet (600 meters). EC-2 will test a high temperature anomaly identified by a 2014 temperature gradient drilling program. Drilling was suspended after well EC-1 was drilled in June of 2013 until the project schedule for the concession could be modified. The Ministry of Energy and Mines approved the modified project schedule on July 21, 2015. The 8 day public comment period, which followed that approval, concluded without receiving any comments. The company expects to receive the amended concession contract before the end of August 2015.

U.S. Geothermal Guatemala S.A. Receives Approval for Modified Schedule for El Ceibillo Project

U.S. Geothermal Inc. announced that its subsidiary, U.S. Geothermal Guatemala, S.A., received final notification that the modified schedule for the El Ceibillo project was approved by the Minister of Energy and Mines. Notification of the approval by Ministerial Agreement was received on July 21. The Ministerial Agreement was published in the official newspaper, Diario de Centro America, on July 22 which starts an 8 day public comment period. The concession contract will be changed with an amendment that is expected to be signed within the next 30 days. The new modified schedule has the commercial operation date for the first phase of the project occurring during the second quarter of 2018. Preparations are underway to restart drilling program. The first activity planned will be the drilling of well EC-2.

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