Polaris Infrastructure, a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to announce that its wholly owned subsidiary, Polaris Energy Nicaragua S.A. ("PENSA"), has entered into a rig services agreement (the "Rig Services Agreement") with an entity controlled by Iceland Drilling Company ("Iceland Drilling").
The Rig Services Agreement relates to the drilling of no less than two new production wells and the work-over of four existing injection wells, with the option for a third new production well at the San Jacinto-Tizate Power Plant, owned and operated by PENSA. The Company anticipates a spud date on its first production well in early October 2015, and looks forward to working with Iceland Drilling towards a successful well drilling and work-over program.
Iceland Drilling has a long history in the geothermal well drilling industry, back to their founding in 1945, and brings deep drilling expertise, with in excess of 180 wells drilled in the last 10 years throughout Iceland, New Zealand, Indonesia and elsewhere. Iceland Drilling will work closely with the team from PENSA, led by the Drilling Manager.
Source: Polaris Infrastructure Inc.
Date: Sep 8, 2015