Cindrigo Holdings Ltd - Guernsey-based renewable energy company - Says that the Croatian Hydrocarbon Agency has approved a term extension for the Slatina-3 licence area exploration permit, which is held by EES Dravacel Energetika. Dravacel is a project company majority-owned by Cindrigo Geothermal Ltd, a wholly-owned subsidiary of Cindrigo. The extension is now until April 24, and is concurrent with the signing of key agreements with Crosco Integrated Drilling & Well Services Co Ltd, and North Tech Drilling ehf.

Cindrigo says these agreements will help to secure ‘the drilling equipment, materials and the expertise’ required to execute Dravacel’s drilling plan. Currently, the plan is to mobilise the drilling rig and materials for spud in or the start of drilling before the end of the year. Drilling and steamfield development will continue during in the first quarter, followed by power plant design and construction.

Chief Executive Officer Lars Guldstrand says: ‘Slatina-3 is an important asset for Cindrigo receiving a lot of attention and so each milestone for the project is a success for the company. We rely on the support of our host jurisdictions as expressed by the grant of permits and approvals, and we only move forward with the technical experience and practical leadership of experts and contractors.’

Cindrigo’s shares are currently suspended from trading.

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