Reservoir Capital Corp. (
TSX: V.REO,
Stock Forum) said that the Ministry of Natural Resources, Mining and Spatial Planning, of the Republic of Serbia has renewed the company's Vranjska Banja geothermal exploration license in southern Serbia for an additional three-year period to August 16, 2016.
According to the
Reservoir Capital press release, the license now also covers the geothermal wells VG-2 and VG-3 that were within an exploitation license that expired over the previous period and which has now been incorporated into Reservoir's license area.
The company has measured discharge temperatures of 96°C (boiling at this elevation) and relatively high artesian flows averaging approximately 60 litres per second from VG-2 and VG-3, with temperatures of up to 137°C were reportedly measured at less than one kilometre depth when the wells were drilled.
California-based consultants GeothermEx Inc. previously completed an independent review of the historical data, and measurements taken during the company's four season reservoir studies on VG-2 and VG-3, concluding the target could potentially support a power generation project of at least 10 Megawatts in size, utilizing a binary-cycle power plant.
Reservoir is a renewable energy company engaged in the development of a 59.1 MW hydroelectric project at Brodarevo on the River Lim, the Vranjska Banja geothermal project in southern Serbia, and the 17.76 MW Cehotina hydroelectric projects in Bosnia.
On Tuesday morning, Reservoir was trading at $0.035 a share. The company had a market cap of $3.0 million, based on 84.4 million shares outstanding.