WEST HARTFORD, Conn.,
April 6 /PRNewswire-FirstCall/ --
Terra Energy Resources, Ltd. (OTC Bulletin Board: TRRE) announced
today that it has entered into negotiations with Jala Tekno
Geothermal ("Tekno"), a subsidiary of Pandawa Energy, a
Renewable/Geothermal Energy Holding Company based in Jakarta, Indonesia, for possible areas of
mutual cooperation, including finance, for the subsidiary company's
proven geothermal resource located in on the Indonesian island of
Java. Tekno has successfully
drilled a steam producing well, currently capped, that, according
to Tekno management has been evaluated at over 6MW (six mega-watts)
of steam in a field owned by Tekno that has been indicated to hold
geothermal resources in the range of 75MW to 150MW.
Pandawa Energy is presently attempting to develop two (2) proven
geothermal resource areas on the island of Java and three (3) geothermal areas on other
Indonesian islands, collectively thought to hold about 1,000 MW of
electricity. Pandawa Energy has received letters of interest from a
number of major American and European geothermal industry players
for both upstream and downstream financing, operational and
technical expertise on its geothermal projects. A governmental
entity has also issued a letter of intent for development of the
Tekno phase one 55MW electric power generation project.
Indonesia has the world's
largest and highest quality geothermal energy resources. Sitting on
the Pacific Rim "Ring of Fire",
the islands in the Indonesia Archipelago are thought to possess
geothermal resources of over 27,000 MW. Of these 27,000 MW, only
about 4% or 1,100 MW are developed and in use.
The Indonesian Government announced in 2009, a National
Electricity Development and Investment Program to establish an
additional 10,000 MW capacity for implementation between 2009 and
2014 with 4,800 MW with 48% of this capacity to be generated from
geothermal. To meet the estimated $12
billion in capital required for geothermal development under
this plan, 70% of this capacity is expected to be developed by
Independent Power Producers such as Pandawa Energy.
Catherine Balloqui, President of
Terra Energy stated, "We are excited for the opportunity to work
within the Geothermal field and look forward to the mutual
expansion of our two companies."
SOURCE Terra Energy Resources, Ltd.
