Photo: Hans from Pixabay
Investor Jordan Alexander Oxley has acquired a geothermal exploration field near Slatina in Croatia.
The Slatina-3 exploration field in the Virovitica-Podravina county was owned by EES Dravacell Energy, which has gone bankrupt. The firm’s majority owner is Cindrigo, a company that has developed several geothermal projects in Central Europe. It also had an office in London.
Jordan Alexander Oxley was the sole bidder for the property, Verko Kutleša, the bankruptcy administrator of EES Dravacell Energy, told Jutarnji list.
The initial price was EUR 200,000, and Oxley offered EUR 400,000, according to Kutleša.
Cindrigo withdrew from the project a year ago
Oxley is taking over the property, the exploration well, while bankruptcy proceedings for EES Dravacell Energy are continuing, he added.
Seebiz reported that a year ago, Cindrigo announced it was withdrawing from the project, after investing GBP 5 million. Its initial plan was to build a 20 MW geothermal power plant.
According to his LinkedIn profile, Oxley entered the geothermal sector in 2016.
He currently holds several governance and strategy roles for geothermal companies in Iceland and other countries, the page shows.
Of note, in April 2023, Cindrigo announced a deal to develop geothermal power projects in Europe with Kaishan. Slatina 3 was the first joint project.
Croatia is dedicated to developing its geothermal potential
Croatia is dedicated to developing its geothermal potential, and investments are funded by both state-owned and private companies.
Almost three weeks ago, the Croatian Hydrocarbon Agency said the results of exploration at the Vinkovci GT-1 well have confirmed the area’s significant geothermal potential. It is a part of a wider project to develop geothermal potential for district heating for six cities and towns.
As for private investments, ENNA Geo completed additional production testing in August of the well at the site of its planned geothermal power plant GTE Zagocha.
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