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Davidson Kempner acquires Swire Energy Services to strengthen offshore presence
International Petroleum repurchases 89,200 shares under its NCIB programme
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GeoAlaska extends geothermal exploration on Augustine Island

GeoAlaska obtains an extended geothermal prospecting permit, increasing its presence on Augustine Island by 240%, marking a significant step forward in its geothermal energy development efforts.
GeoAlaska géothermie île Augustine
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On April 1, the Alaska Department of Natural Resources granted GeoAlaska a substantial geothermal prospecting permit covering 7,299 acres, increasing their Augustine Island operation by 240%. This expansion encompasses the entire southern half of the island, complementing their existing 3,031-acre permit.

Planning strategic geophysical surveys

Following the recommendations of an independent geothermal reservoir study carried out in 2023, GeoAlaska, in partnership with Ignis Energy Inc. plans to carry out a new magnetotelluric (MT) study on these vast tracts in mid-2024. This study aims to map resistivity at much greater depths to better define the potential of geothermal resources.

Background and future prospects

Founded in May 2020 by Paul L. Craig, GeoAlaska is dedicated to the development of sustainable, carbon-free geothermal energy in Alaska. The company operates under permits at Mount Spurr and Augustine Island, with plans to drill their first geothermal well at Augustine in 2025, followed by other production and injection wells.

Technological advances in surveying

The upcoming MT survey aims to significantly improve the resolution of subsurface data compared with the 2023 magnetotelluric audio (AMT) survey. This high-resolution survey should improve the identification and modelling of geothermal resources, helping to accurately place the first exploratory well.

The GeoAlaska initiative is part of a broader effort to meet Alaska’s energy needs with clean, sustainable sources. This project enjoys legislative support, including the Federal Inflation Reduction Act, which reinforces the continuation of such projects.

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