Petratherm now has four geothermal investigation permits covering areas within the Valles and Ebro Basins near the city of Barcelona.
The Montbui area is well known for its thermal spas with the city of Montbui having an ancient spa dating back to Roman days and surface hot springs exceeding 80ºC.
The Valles Basin permit areas cover locations of known high heat flow with local hot aquifers evidencing temperatures of between 115ºC to 130ºC at depths of 1,500 metres to 2,000 metres. A 1,000 mtere deep geothermal well (Samalus 6) on the northern edge of the Valles basin has a measured temperature of 90ºC. The heat source arises from high heat production granites that underpin the Valles Basin and outcrop in the adjacent ranges. The basin thickness is estimated at around 3,000 metres.
The geology (including temperatures and depths of aquifers) and market characteristics make the Barcelona project area attractive for both goethermal district heating (GDH) applications and engineered geothermal systems (EGS) development for electricity production.
Madrid Geothermal District Heating Project
Petratherm advises that the exclusivity agreement with Dalkia has lapsed and will not be extended. Acceptable joint venture arrangements with Dalkia were unable to be agreed. As such, the project is available to other interested joint venture parties and discussions with such parties have commenced.
The next steps in achieving financial close for the Madrid project involve: Agreement with customers for the supply of heat – the customers include various departments of the Madrid Regional Government. Obtaining environmental clearances for drilling and development. Securing a competitively based engineering, procurement and construction contract, and; Establishing a competitively based operations and maintenance contract.
Each of the above steps is underway and financial close, which is reliant primarily on the pricing arrangement for the supply of heat with the Madrid Regional Government, is expected before the end of calendar 2009.
Petratherm’s Madrid project has been highlighted as one of six renewable energy projects of interest with the Madrid Regional Government’s Renewable Energy Cluster project, that is seeking to advance renewable energy project in the Region.
Tenerife Volcanic Geothermal Project
Petratherm Espana has sought tenders for a major magneto-telluric (MT) study to be undertaken across its three tenements on the island of Tenerife. The MT study will assist in locating a drilling target for the development of geothermal power production on the island. Concurrently, Petratherm Espana has commenced discussions with interested joint venture parties for the Tenerife project.
