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David Bridgland – Finance Director UNITED DOWNS DEEP GEOTHERMAL PROJECT 17th November 2011 • Background • Proposition • Why the United Downs? • Progress • Summary GEOTHERMAL ENGINEERING LTD OVERVIEW Ove Arup and Partners Ltd. International engineering consulting firm (1946). Over 90 offices Worldwide with more than 10,000 employees GeoScience Ltd (Tony Batchelor). Providers of engineering and scientific support to geothermal and oil and gas projects Worldwide GEOTHERMAL ENGINEERING LTD WHO ARE WE? MAIN FEATURES • 10 MW electric (7MW net) ~ 50 MW thermal • Production ~ 150kg/s at 175°C • Three well system; two producers, one injector • Target depth ~ 4.5km • Anticipated temperature approaching 200°C • Host structure (buried granite) has naturally higher permeability than surrounding rock • Stimulation within and adjacent to the fault structure • ~ £50 million, in defined stages GEOTHERMAL ENGINEERING LTD UNITED DOWNS PROJECT GEOTHERMAL ENGINEERING LTD UNITED DOWNS LOCATION United Downs •Drilling records from the Hot Dry Rock project (3 boreholes, deepest to 2.7kms) < 10kms from the United Downs site •Temperature data (boreholes and mines) •Gravity data •In-situ stress data •Injection and circulation tests •Mining records (extensive) •Heat flow data (with depth) •Seismic lines (off shore and on-shore) •Geo-chemistry •Stimulation programme and micro-seismic interpretation GEOTHERMAL ENGINEERING LTD WHY THE UNITED DOWNS? 3rd Qt 2009 4th Qt 2009 1st Qt 2010 1st/ 2nd Qt 2010 2nd Qtr 2010 3rd Qt 2010 3rd Qt 2011 • 12 month geological study completed • Grant of ~£1.5m awarded from the Department of Energy and Climate Change • Full EIA and seismic hazard assessment completed • Well design • Tender process for drilling, tubulars, well head, drill bits • Grid connection offer • Preliminary power plant design • Permits to drill received (planning consent and Environment Agency) • Grant of ~£6m awarded from the Department of Business, Innovation and Skills GEOTHERMAL ENGINEERING LTD UNITED DOWNS - PROGRESS AIMS • 10MWe • 50MWth GEOLOGY • Significant data available RISK MITIGATION • Permeability • Temperature • Exploration risk insurance (Germany, France) • Match funding (Australia) RISK • Uncertainty not eliminated [email protected] GEOTHERMAL ENGINEERING LTD SUMMARY