Background PannErgy Plc’s subsidiary, PannErgy Geothermal Power Plants Ltd is the 100 percent owner of DoverDrill Deep Drilling Ltd, which is involved in the drilling of geothermal wells. The Company’s grant application that was submitted in response to the call of the “Support for the complex technological innovation of enterprises/Support for the complex technological innovation […]
PannErgy Plc’s subsidiary, PannErgy Geothermal Power Plants Ltd is the 100 percent owner of DoverDrill Deep Drilling Ltd, which is involved in the drilling of geothermal wells. The Company’s grant application that was submitted in response to the call of the “Support for the complex technological innovation of enterprises/Support for the complex technological innovation of accredited cluster entities” scheme announced within the framework of the Economic Operational Programme, New Széchenyi Plan has been awarded with a HUF 104,438,336 non-repayable grant, which the Company intends to expend on the development of its drilling technologies.
The Company is responsible for the improvement of the quality, cost and time efficiency of the well drilling operations that are pivotal and decisive in geothermal investments, as well as minimizing the risks that are inherent in the availability of well-drilling capacities.
DoverDrill Deep Drilling Ltd is purchasing two, four-stroke industrial diesel engines with hydraulic converters in order to realize a major development in its drilling technology. With the new devices, the drilling technology will be suitable for conducting various pressure tests without the need to rent pressure generators from extremely expensive, external sources, as it used to be inevitable in the case of the older, mechanically driven sludge pumps.
The implementation of this development will result in material cost savings, and substantial, approximately 30% reduction in the time demand, and therefore a larger number of drilling operations can be carried out annually owing to the improved technology.
The Company has ordered the new equipment, the installation is being planned, which will be followed by the commencement of trials and test drillings.
The projected completion date of the implementation of the project is 31 October 2014.
