Canary Islands, Spain
Petratherm has three Geothermal Exploration Licenses (GELs) on Tenerife, the largest of the seven islands in this Spanish archipelago located off the west coast of North Africa. The Canary Islands, known for their volcanism, are considered excellent sites for exploiting conventional geothermal technology. Conventional geothermal projects are commercially established in many parts of the world accounting for more than 10,000 MW of installed power generation capacity.
Teneife has a permanent population in excess of 1 million. During the peak tourist season the population can exceed 1.5 million placing a large demand on peak power generation, in excess of 800 MW. The island has substantial transmission infrastucture within close proximity of Petratherm's Geothermal Exploration Licenses (GELs).
Petratherm's Tenerife Project provides a major opportunity to develop a conventional geothermal power project with minimal associated technical project risk with an attractive market that is focused on the development of sustainable energy alternatives to imported fossil fuel sources.
Lower costs and risks of this project arise from three key factors, namely:
• The process for extraction and conversion of the heat is known and understood, with considerable project development, drilling and plant operation
experience and technology readily available around the world.
• Such thermal resources are of very high quality, with naturally formed reservoirs and very high temperatures, greater than 250ºC, at depths of around
• The Petratherm license area has been carefully selected to be positioned over the location of the most attractive geology for geothermal power
generation in proximity to transmission infrastructure.
The Company has employed leading global geothermal consultants Sinclair Knight Merz (SKM) to assist the Company's Spanish exploration team. The Company is also working closely with volcanologists from the Tenerife Government's Institute of Renewable Energy Technologies (ITER). A core component of ITER's work is monitoring the volcanic activity on the Canary Islands. ITER's large database along with historical research carried out by the Spanish Government into geothermal energy on the Island in the 1980s has been reprocessed and interpreted by SKM.
The combined geophysical and geochemical evidence indicate a high temperature hydrothermal cell may occur at approximately 2000 metre depth. This is further supported by the only deep exploratory well drilled on the island back in the 1980s to 1000 metres. The top section of the hole yielded a low temperature gradient indicative of shallow metoric waters, however the bottom section of the well returned a geothermal gradient of approximately 100 degrees per kilometres. It is thought that the well terminated at the top most layers being heated by the hydrothermal field below.
Reprocessing of limited historical magneto-telluric data has identified a conductive response at this depth which may represent the clay cap typical of hydrothermal systems. The next phase of work will involve a regional magneto-telluric survey to map the extent of the hydrothermal cell from which an optimum site can be selected for drill testing.
Gran Canaria supports a large local and tourist population of approximately 1 million people placing a demand on peak power generation in excess of 800 MW. The island has substantial transmission infrastructure within close proximity of Petratherm's GEL. Power consumption on the island has grown three times oer the last 20 years, due to the large population growth. Existing power generation is 94% dependent on expensive fossil fuels from fuel-oil and gas-oil which have very high carbon dioxide emissions.
Gran Canaria, an active volcanic island, is the central island of the Canarian Archipelago, and is located 200 kilometres west of the North African coastline. Three main volcanic-magmatic stages have been defined on the island which was formed approximately 14 million years ago. Recent volcanic activity to the east of the island is thought to relate to a mantle hotspot over which the oceanic crust is slowly moving.
The tenement spans an area of 277 square kilometres over the region of the most recent volcanism, and where historical geothermal research undertaken by the Spanish Geological Survey identified high geothermal temperature gradients in excess of 70ºC per kilometre.
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