The permit area consists of the southern portion of Augustine Island, containing about 7,205 acres. The acreage surrounds GeoAlaska’s existing permit, expanding, and upgrading GeoAlaska’s position on Augustine. Augustine Island is in Kamishak Bay on the west side of Lower Cook Inlet, approximately 68 miles southwest of Homer and approximately 170 miles south-southwest of Anchorage. Paul Craig, CEO of GeoAlaska, commented that GeoAlaska and its partner, Ignis Energy Inc., are delighted with this award.
During 2023, GeoAlaska and Ignis Energy collected magnetotelluric and gravity data at Augustine Island. Craig said “analyses of these data has identified an attractive anomaly — a ‘sweet spot'” — that the company is planning to drill in the summer of 2024. The plan is to core the exploration well to a depth sufficient to determine temperatures at various depths and to clarify whether a commercial hydrothermal system is present, thereby de-risking the prospect.
Richard Calleri, CEO of Ignis Energy, commented “Ignis Energy is delighted to continue our partnership with GeoAlaska and extend our area of interest on Augustine Island. Our aim remains and has always been to provide affordable, clean, and renewable base load geothermal energy to the Rail Belt region of Alaska.”
“Extending our area of interest on Augustine Island is in line with our overall strategy. The subsurface geophysical data that we have collected to date, is very promising and we are now identifying additional targets to test within the greater Augustine permit.”
GeoAlaska is also one of two companies exploring for geothermal resources in the area of Mount Spurr, northwest of Anchorage. The two permits were awarded in a noncompetitive process.
