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Geothermal energy agreement with Ceraphi Energy
Geothermal energy agreement with Ceraphi Energy.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8102V\n UK Oil & Gas PLC\n 16 December 2021\n \n \n \n \n UK Oil & Gas PLC\n \n \n (\"UKOG\" or the \"Company\")\n \n \n \n \n \n Geothermal energy hub agreement with Ceraphi Energy \n \n \n UK Oil & Gas PLC (London AIM: UKOG) (\"the Company\") is pleased to announce that it has signed a Heads of Terms with Ceraphi Energy Ltd (\"Ceraphi\") to enter into a joint venture agreement to develop part of the Company's Horse Hill site into a geothermal energy hub (\"GeoHub\"). \n \n \n The GeoHub, currently at a conceptual stage, is targeted to generate and supply more than 200,000 megawatt hours per year of continuous baseload, primarily as heat energy. The project's first phase would aim to supply significant industrial end-users in the locality with 100% green heating and cooling plus ancillary green electricity and/or hydrogen. \n \n \n The GeoHub concept centres around six new deep geothermal boreholes utilising Ceraphi's proprietary \"closed-loop\" downhole heat exchanger technology, designed to transfer heat from the surrounding hot rocks via heat pumps to the surface. Unlike most conventional geothermal wells, the closed-loop system requires no injection or circulation of water within the rocks between boreholes, eliminating the possibility of induced seismic activity. \n \n \n As in established heat networks, heat from the GeoHub would be delivered to the end user via a small diameter hot water pipe and heat pump system. Subject to necessary permissions, further wells and/or sites could be added at any stage to supply a wider spectrum of end users.\n \n \n The GeoHub's potential to supply continuous baseload energy with zero carbon emissions is fully in line with the UK government's \"build back greener\" net-zero strategy.\n \n \n It is envisaged that current oil production at the site would continue to the end of economic life and then boreholes would be repurposed to add further geothermal baseload, transitioning the site into 100% renewable energy provision.\n \n \n \n \n \n Our partner, Ceraphi, is a new British technology company specialising in delivering solutions in the geothermal energy space and its energy cascade: \n https://ceraphi.com/\n \n \n \n \n \n Upon execution of the joint venture agreement, conceptual engineering design and preparation of a plann...