Twinkle, twinkle, little star, How I wonder what you are. Up above the world so high, Like a diamond in the sky. - I was fascinated by this ray of happy light. Page 9 MD&A These figures reflect our 50% (one half the total) of Crump Geothermal Company LLC [CGC]. I guess that ‘CGC’ is the official handle. Nine months ending 03/31/2012 cash $81,173. Nine months ending 06/31/2011 cash $42.855. An 89.4% increase. - What! Nothing in the company goes positive. I have to take a second look here. - “The year to date net profit reported is the result of the receipt of the second payment of $200,000 from Ormat in the quarter ended December 31, 2011.” - What! Ormat is paying NGP income on a regular and increasing bases. An NGP operation is producing a positive cash flow. Am I going nuts? - Twinkle, twinkle, little star, How I wonder what you are. Up above the world so high, Like a diamond in the sky. - From the Ormat website, perhaps we should be paying more attention there. “The parties will form a limited liability company, Crump Geothermal Company LLC ("CGC"), for such purpose that will be owned by Nevada Geothermal Power Company, [NGP-USA] a wholly-owned subsidiary of Nevada Geothermal Power Inc. [NGP.TSX], and Ormat Nevada Inc., on a 50:50 basis.” - Now get this. We are usually just playing around in the dirt. But not this time. FOR ONCE THIS IS REALLY SERIOUS. - “The Crump project must be in commercial operation by December 31, 2013 in order to qualify for a 30% ARRA cash grant, . . . The Company and Ormat intend to apply for a cash grant in 2014 if commercial operation is achieved in time.” MD&A - Page 12 - Is this going on fast track or what? It looks like we will have a separate positive cash flow next year completely outside of BM Holdco, outside of any claim by EIG. We will be happy dancing animals. If we want, we could forget BM Holdco as a bad dream. Ponder that. - Fun Details, Quote: Under a letter agreement between the Company and Ormat relating to the joint venture for the development of the Crump project, ORMAT WILL FINANCE 100% OF THE INITIAL DEVELOPMENT ACTIVITIES ON THE PROJECT. After the initial development expenses are complete, the parties will each be responsible for financing their 50% share of costs, although THE COMPANY CAN BORROW UNDER A BRIDGE FINANCING FACILITY FROM ORMAT FOR ALL or part of the Company's share of costs up to $15 million. Ormat has the right to withdraw from the project prior to completing its initial $15 million development expenditure obligation. In this event, ORMAT’S 50% INTEREST IN THE PROJECT REVERTS TO THE COMPANY, and the unpaid portion of the $2.5 million payment to the Company is no longer due. There will, however, not be any reimbursement to Ormat in respect of their expenditures on the project. End Quote - RJ
Yes, here is the upcoming proposed drilling schedule...
Table 11a Schedule and Timeline for Project Construction Project Phase Construction Phase Time Period
First Well – Core Hole (location TBD) Access road and pad construction 15 days (7/1/12 – 7/15/12) Drilling 45 days (7/15/12 – 9/1/12) Rehabilitation (either entire impacts or partial impacts pending results) 24 months (Rehabilitation of entire impacts or partial impacts by July 2014) Monitoring 3 years (2013 - 2015) Analyze results of first well n/a 4 weeks (9/1/12 – 10/1/12)
Second Well – Full size well (location TBD) Access road and pad construction 15 days (10/1/12 – 10/15/12) Drilling 60 days (10/15/12 – 12/15/12) Rehabilitation (partial impacts) 24 months (Rehabilitation of temporary impacts by December 2014) Monitoring 3 years (2013 - 2015) Analyze results of second well n/a 4 weeks (12/15/12 – 1/15/13)
Third Well – Full size well (location TBD) Access road and pad construction 15 days (1/15/13 – 2/1/13) Drilling 60 days (2/1/13 – 4/1/13) Rehabilitation (partial impacts) 24 months (Rehabilitation of temporary impacts by January 2015) Monitoring 3 years (2013 – 2015) Rehabilitation of temporary impacts (or entire impact site pending results of drilling) Rehabilitation (2012 – 2015)
from: Joint Wetland Mitigation Plan For Waters of the United States/Wetlands At Crump Geyers Exploration Project, Lake County, Oregon
God that is beautiful. God that is beautiful. - A real schedule. A real timetable. A real plan. All we have to do is to just turn the crank. - The Bulldozers start on July 1, in 23 days. The Drills start on July 15, in 38 days. - Yippee! - RJ