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Croatian Geothermal Project Licence & Funding
Croatian Geothermal Project Licence & Funding.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n \n5 March 2024\n \nCindrigo Holdings Limited\n('Cindrigo' or the 'Company')\n \nUpdates on Croatian Geothermal Project Licence and Funding\n \nCindrigo (LSE:CINH) announces that its subsidiary Dravacel Ltd (\"Dravacel\") has applied for a further six month extension to the exploration licence at its Slatina 3 geothermal project in Croatia (the \"Project\") which, when granted, will extend the expiration of the licence to the end of October 2024.\n \nThe request to extend the Slatina 3 licence for a further six months (the \"Licence Extension\") aligns with the regulatory framework of the Croatian Hydrocarbon Council and is required to be able to finish the work to move to an Exploitation Phase. The Company is confident that it has demonstrated that sufficient work has been done on the site to demonstrate its commitment and belief in the commercial viability of the Project, and that the Licence Extension will be granted shortly.\n \nTri Ri Asset Management (\"TRAM\") and Cindrigo have agreed to postpone the drawdown of funds from TRAM for Slatina 3 development, under the £10 million convertible loan with TRAM (see RNS dated 20 February 2024), until the Licence Extension is granted.\n \nWhilst it was previously anticipated that deep drilling would be initiated during February 2024, Dravacel has, to accommodate the timing of the license extension and draw down of funds, paused further drilling operations at the Project site until the Licence Extension is confirmed. The Company believes that once the Licence Extension is granted, and funds are drawn down and work recommences, it will have sufficient time and remain in a position to progress the Project to the exploitation phase.\n \nCommenting, Lars Guldstrand, CEO of Cindrigo said: \"We believe that the decision to pause site ...