TORONTO, ON–(Marketwired – August 25, 2016) – Polaris Infrastructure Inc. (TSX: PIF) (“Polaris Infrastructure” or the “Company”), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to provide the following update with respect to the San Jacinto drilling campaign.
Following the completion of temporary piping and steamfield infrastructure, new production well SJ 9-4 was successfully connected to the San Jacinto plant on the evening of August 24, 2016 and is contributing incremental power generation of approximately 10 MW. In light of temporary operational throughput constraints, we have not yet been able to open SJ 9-4 to 100% of its capacity. We anticipate further opening the well in a phased approach over the balance of 2016, and expect to have relieved throughput constraints following completion of a planned maintenance program in February of 2017. Bringing the well online now, albeit in a restricted manner, will allow for incremental production and cash flow as well as increasing our knowledge of the attributes and long term potential of SJ 9-4. Given the short period of time that SJ 9-4 has been connected, we cannot yet comment with certainty on the sustained level of power generation that we expect to realize. We anticipate that measurements of SJ 9-4 will be required over the course of several months in order to comfortably conclude with respect to the long-term contribution expected from the well.
“We are pleased to have achieved this important milestone with respect to the San Jacinto drilling program,” said Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. “Although I must stress the fact that SJ 9-4 has been connected for less than 24 hours and it is premature to conclude with respect to its long-term contribution, the early results are certainly a positive indication. Along with continued modest contribution from SJ 6-3, our first new production well, we anticipate that SJ 9-4 will become a reliable contributor at the San Jacinto project and leave us well-positioned entering 2017.”
About Polaris Infrastructure
Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua.
Investor Relations
Polaris Infrastructure Inc.
Phone: +1 416-849-2587
Email: [email protected]
