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GeothermEx Assesment of the Geothermal Energy Potential Unalaska 1993
SUITE 201 5221 CENTRAL AVENUELISGeothermeEx,INC.RICHMOND,CALIFORNIA 94804-5829 {et0y 527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 ASSESSMENT OF THE GEOTHERMAL ENERGY POTENTIAL OF THE MAKUSHIN RESERVOIR, UNALASKA ISLAND,ALASKA AND ASSISTANCE IN FINANCING OF THE UNALASKA PROJECT THROUGH BOND OFFERING A Proposal To ALASKA ENERGY AUTHORITY Anchorage,Alaska |by GeothermEx,Inc. Richmond,California 14 OCTOBER 1991 SUITE 201 5221 CENTRAL AVENUETaeGeothermeEx,INC.aichmono,caLironnia o4804-sez9 (530)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 1.QUALIFICATIONS OF GEOTHERMEX,INC, 1.1 Introduction GeothermEx is a U.S.corporation specializing exclusively in providing consulting,operational and training services in the exploration,development, assessment and valuation of geothermal energy.It is the largest and longest- established such organization in the Western Hemisphere.Its 4 principals have advanced degrees in earth sciences and engineering,and 22 to 32 years of domestic and international work experience in geothermal development.The staff,totaling about 20,consists of geologists,geochemists,geophysicists,drilling engineers,well-test engineers,reservoir engineers,computer scientists,and economic analysts,most of whom have at least 10 years'experience in geothermal energy,petroleum and groundwater development. GeothermEx was founded in 1973.To date,GeothermEx has worked for 180 clients (Appendix B),divided among: 7 major oil and mineral companies requiring assistance in exploration and development; .electrical utilities requiring independent resource evaluations and advice on bond issuance; 7 financial organizations requiring advice on loan,acquisition and grant programs;and SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.-aichmono,cALiFoRNia 94s04-sez9 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 "agencies of government performing research into or regulation of geothermal development. .land owners,legal counselors,and engineering companies requiring specialized technical assistance. GeothermEx has performed over 700 projects in 35 countries.In the United States,the company has worked as resource development consultants at all the known geothermal sites,and have certified nearly all non-recourse financing of geothermal projects in the U.S.totalling over $3 billion,including some $1.8 billion of Public Power Revenue Bond issues. In addition to its many domestic projects,GeothermEx,Inc.has carried out major geothermal exploration,development and assessment projects for government agencies,international banks or private companies in Costa Rica, Nicaragua,Indonesia,Papua New Guinea,Guatemala,the Azores,Iran,the Philippines,Honduras,Yugoslavia,Argentina,Italy,and Japan.We have performed detailed project reviews in New Zealand,Kenya,Taiwan,Mexico,El Salvador and Uganda.We have also carried out geothermal reconnaissance and evaluation projects in Viet Nam,China,Panama,St.Lucia,Ethiopia, Mozambique,Yemen Arab Republic,Turkey,India,Thailand,Bolivia,Djibouti, Hungary and Fiji for the United Nations,World Bank or US AID. GeothermEx has conducted technology transfer or training projects in Bolivia,Brazil,Costa Rica,Greece,Japan,Nicaragua and The Philippines. SUITE 201 §221 CENTRAL AVENUEGeothermeEx,INC.aichitono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 1.2 Experience in Geothermal Resource Assessment Appendix A presents a list of 73 major resource assessment projects conducted by GeothermEx during the last decade.The projects listed in Appendix A total 2,443 MWe in installed geothermal power capacity and 510 MWe in capacity under construction.The present project will call for resource assessment as conducted in most of the projects listed in Appendix A. 1.3 Project Financing Experience GeothermEx has acted as the Resource Consultant in nearly all geothermal project financing in the U.S.totalling over $2 billion.Selected examples of non-recourse bank financing of projects (totalling $1.6 billion)in which GeothermEx certified the resource adequacy are as follows: Developer Bank Project MW Capacity Amount ($) California Energy Co.Credit Suisse Coso Unit 1,CA 30 66,000,000 Ormat Energy Systems,Bankers Trust Co.Ormesa II,CA 20 70,000,000 Inc. Geo East Mesa LP Credit Suisse East Mesa,CA 37 96,000,000 Oxbow Geothermal Corp.CitiCorp Dixie Valley,NV 50 110,000,000 Ormat Energy Systems,Bankers Trust Ormesa IE,CA 10 29,000,000 Inc. California Energy Co.Credit Suisse Coso,Navy I,CA 79 165,000,000 Magma Power Co.Morgan Guaranty Del Ranch &89 132,000,000 Elmore,Salton Sea,CA GeothermEx,Inc. SUITE 201 §221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Mission Power Engineeing Co. California Energy Co. Pacific Energy Co. Puna Joint Venture Geothermal Resources International Ormat Energy Systems, Inc. Ormat Energy Systems, Inc. Ormat Energy Systems, Inc. California Energy Co. Ormat Energy Systems, Inc. Freeport Minerals 1.4 Bond Experience Prudential Power 'Funding Associates The Geysers,CA Credit Suisse Swiss Bank Corp. Aidlin, Coso,Units 2 &3 Mammoth-Pacific, CA Credit Suisse Puna,Hawaii Morgan Guaranty Cold Water Creek The Geysers,CA Bankers Trust Stillwater,NV Bankers Trust Ormesa IH,CA Bankers Trust Ormesa I,CA Credit Suisse Coso BLM,CA Prudential Power Soda Lake,NV Funding Associates Deutsche Bank The Geysers 15.5 365 59,400,000 90,000,000 100,000,000 100,000,000 60,000,000 36,000,000 31,800,000 50,000,000 165,000,000 32,000,000 255,000,000 GeothermEx has conducted resource assessment,prepared supplements to the Official Statements,signed certificates and assisted in presentations to the bond rating agencies,insurers and investors in connection with the follow Public Power Revenue Bonds for geothermal projects,totalling about $1.8 billion par: GeothermeEx,Inc. SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Issuer Date Issue Par ($) Northern 7/2/81 1982 Geothermal Project 40,000,000* California Number 3 Revenue Bonds, Power Agency,Series A CA Northern 7/8/82 1982 Geothermal Project 15,000,000* California Number 3 Revenue Bonds, Power Agency,Series A CA Northern 1/1/83 1983 Geothermal Project 90,000,000* California Number 3 Commercial Paper, Power Agency,Series A CA Northern 1/13/83 1983 Geothermal Project 30,000,000* California Number 3 Bond Anticipation Power Agency,Notes,Series A CA Modesto 10/1/84 Adjustable Rate Certificates of 150,000,000 Irrigation Participation (1984 Geysers District,CA Geothermal Power Project) Northern 10/31/84 1984 Geothermal ProjectCaliforniaNumber3RevenueBonds,400,000,000* Power Agency,Series A CA Northern 10/30/85 1985 Geothermal Project 475,940,000* California Number 1 Revenue Bonds, Power Agency,Refunding Series A CA Northern 1/30/87 1987 Geothermal Project 606,555,000CaliforniaNumber3RevenueBonds, Power Agency,Refunding Series A CA SUITE 201 5221 CENTRAL AVENUEGeothermex,INC.aicunono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 The asterisks above indicated refunded bonds.GeothermEx has also independently verified the resource adequacy for projects funded by debentures issued by private geothermal developers.Appendix C lists the important bank references for GeothermEx. SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.Ricmonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 2.STATEMENT OF WORK 2.1 Background The Alaska Energy Authority (the "AEA")plans to issue long-term revenue bonds to fund a portion of the costs of design and construction of the Unalaska Geothermal Project (the "Project").The Project,to be completed in late 1993, will generate electricity to be sold to the City of Unalaska (the "City").The Project will tap the Makushin geothermal field at Unalaska. The AEA wishes to enter into a contract with GeothermEx,Inc. ("GeothermEx")for services as its Geothermal Resource Consultant to provide an independent resource analysis and to assist in the issuance of long-term bonds. The main product of GeothermEx's effort will be a geothermal resource report containing an independent assessment of the following: .Geothermal resource to be tapped "Geologic hazards associated with the project 7 OESI's resource development plans 7 Lease ownership status 7 OESI's capability to develop and operate the wellfield Besides the above tasks,GeothermEx will serve as a member of the Project's finance team and help the AEA in the preparation of the Official Statement, certifications and verbal presentations to rating agencies and to insurers for bond financing.In addition,other services,such as monitoring of the field SUITE 201 5221 CENTRAL AVENUEGeothermExX,INC.aicumono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 development,preparing a resource report after the drilling and testing have been completed,and providing the resource acceptance certificate following the plant acceptance test,may be requested by AEA.These additional services are invariably a part of any bond-financed project.However,in this proposal we have presented only the scope of GeothermEx's services prior to bond financing.After bond financing,GeothermEx will be pleased to submit a new scope of work for post-financing services mentioned above. The database to be used for this study will be supplied by the AEA,OESI and the City.The required database is described under the Scope of Work. Because of the tight time schedule for bond financing of the Project,we will provide an accelerated resource assessment by conducting as many of the tasks concurrently as possible.We have worked under such time pressure for bond financing before,and believe we can provide a high quality resource assessment within the time limits inherent in the Project. 2.2 Scope of Work Prior to financing GeothermEx will perform the following tasks: Task 1,Assessment of the Geothermal Energy Potential This task will address all aspects of resource assessment and will be based on independent analyses of the available geological/geophysical/ geochemical exploration data,drilling results,well logs and well test results,and a SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.ricumonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 review of all the resource-related reports and publications.The exploration data (geologic,geophysical and geochemical)and drilling results (mud logs and driller's logs)will be independently interpreted and the relevant reports reviewed to develop an integrated,conceptual model of the Makushin geothermal system. This model will then be quantified by incorporating the results of an independent analysis of the well test data and the geochemical data base.The quantitative reservoir model will then be used as the basis of all resource assessment,such as, the estimation of the productive acreage,reserves,well deliverability,initial and makeup well requirements,reservoir life,drilling success prospects,ete. This task will consist of five subtasks: a.Determination of the productive geothermal area and the available reserves,to be based on the conceptual model of the geothermal system and volumetric reserve estimation. b.Assessment of the probable deliverability of individual wells and the reservoir as a whole,to be estimated from the well test results,wellbore simulation and computer modeling of the reservoir pressure drawdown. c.Determination of reservoir life based on the volumetric reserve estimation as well as a detailed analytical modeling of the reservoir drawdown under various well spacing and makeup well drilling scenarios. 10 SUITE 201 5221 CENTRAL AVENUEGeothermeExX,INC.-aicumonn,CaLirORNiA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 d.Assessment of drilling success ratios,future deliverability decline rates and corresponding makeup well drilling requirements,based on the results of the previous subtasks and comparison with similar projects elsewhere in the US. e.Assessment of the potential operational constraints associated with the chemical characteristics of the geothermal resource,such as,scaling of calcite,silica or sulfides,corrosion,H2S gas emission and the effect of the gas content on the power plant. The data base required for this task will be as follows: =All written reports (the AEA has provided us with 51 such references) =Air photos and topographic and geologic maps of the island and a lease map of the Project area =Geophysical exploration data (particularly,the gravity and 3-D E-Scan resistivity surveys) =Geochemical data (from the chemical analyses of rocks and fluids) = Driller's logs and mud log from the exploratory wells ="Temperature and pressure logs from wells 11 SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.ricumonp,caLiroania 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 =Pressure drawdown and build-up records from the well ST-1. Task 2.Assessment of Geologic Hazards There are a number of potential geological hazards associated with this project,namely: "Volcanic eruption .Earthquakes 2 Snow avalanches =Landslides 7 Glaciers An assessment of these hazards will be made based on the reports and computer data bases available from various local,State and Federal agencies.For example,we are aware of a report prepared for the City on the earthquake hazards;this report will be reviewed.The available time will not permit detailed data gathering and analysis;instead,emphasis will be placed on reviewing existing reports and accessible databases as the basis of our assessment.We have assessed geologic hazards in many geothermal projects before (including contributions in this regard to Official Statements for bond financing).Therefore,we believe we will be able to provide a reliable assessment of the geologic hazards in spite of the limited time available. 12 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.|aichitiono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Task 3.Review of OESI's Resource Development Plan In this task,we will provide a detailed review of the various aspects of the resource development plan to be submitted to the AEA by OESI.In particular, we will review the following aspects of the plan: Drilling feasibility,including well siting and drilling,well completion and testing programs and drilling success ratios .Reasonableness of costs,including supplemental exploration,drilling and operations costs 7 Well performance projections,including comparisons with those to be made independently by GeothermEx under Task 1 and reconciliation of any significant differences .Overall field development plans,particularly the production/ injection strategy to maximize reservoir pressure maintenance and to minimize cooling and other operational problems (such as,scaling, corrosion and high gas content) Task 4,OESIs Ability to Manage Resource Development This task will be based on our experience in reviewing OESI's projects for banks in all of their previous projects.We believe that given our experience with the monitoring of resource development in similar geothermal projects in 13 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.aicumono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 numerous fields and our previous review of OESI's geothermal operations,we should be able to deliver an objective assessment after we have completed the previous tasks. Task 5.Assessment of the Status of Lease Holding In this task we will review the status of lease ownership based on lease maps and legal descriptions to be supplied by OESI and verification with the appropriate governmental authorities.In all geothermal projects we have been able to assess the lease ownership situation as a part of our due diligence on behalf of the bank. Task 6.Documenting Opinions,Conclusions and Certifications as Required to Support the Bond Financing GeothermEx will be represented at the meetings of the finance team and will play an active role in providing technical support,as well as contributing to the development of the Official Statement.We will also participate in formal presentation to rating agencies and bond insurance companies,and will answer any questions concerning our report.We will provide any further assistance as determined by the finance team.As needed,we will also assist in the preparation of various presentation materials.We have found that this task is a critical step in any bond financing,as the rating agencies and insurers usually have vague or misleading perceptions about the nature of the geothermal resource and are skeptical about the projected longevity of the resource. 14 SUITE 201 5221 CENTRAL AVENUEGeothermEX,INC.Bicumono,caLironNia e4804-sez9 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Task 7.Preparation of the Resource Consultants'Letter and Report By the end of December,1991,GeothermEx will prepare a letter outlining the conclusions of Tasks 1 through 5.A detailed,documented presentation of the results of all previous tasks in a single,integrated report will be prepared by March,1992.This report will provide potential bond buyers with an independent and objective assessment of all geothermal resource-related aspects of this project above and beyond the information contained in the Official Statement. 15 SUITE 201 5221 CENTRAL AVENUEGeothermEx,INC.-aichmonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 3.PROJECT SCHEDULE The resource assessment activities for such a project can be divided into three phases: Phase I:Prior to the decision on bond issue Phase II:Due diligence for bond issue Phase II:Construction and Acceptance Test Period This proposal covers only Phases I and I;a separate proposal for Phase III will be submitted after bond financing is accomplished.The main goal for the Phase I effort is to find any "fatal flaws"in the project plan as far as the geothermal resource is concerned,the deliverable being a letter outlining the conclusions of Tasks 1 through 5.The goal of the Phase II task is to prepare a detailed resource report on the results of Tasks 1 through 5 (Task 7)and to provide technical support for bond insurance (Task 6). The time available for the tasks under Phase I is very tight.Therefore,we will conduct all tasks concurrently as far as practicable and deliver the Resource Consultant's letter by the end of December 1991.The final report under Phase II will be issued by March,1992.During November 1991 to closing (March 1992), GeothermEx will prepare written documentation as needed and attend meetings and formal presentations to bond rating agencies and bond insurers. Figure 1 is a schematic of the schedule of resource assessment activities. 16 FIGURE 1.PROJECT SCHEDULE TASKS .Assessment .Assessment of .Review of .Review of .Assessment of .Finance Team of Geothermal Energy Potential Geologic Hazards OESI's Resource Development Plan OESI's Ability to Manage Resource Development the Status of Lease Holding Support .Preparation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | N of Resource | Consultant's Letter Resource |Resource 4andReportConsultant's |Consultant's |Letter |Report | it !: 1991,GeothermEx,Inc.ss /oisa:suss97/ounrezsscare SUITE 201 §221 CENTRAL AVENUEGeothermeEx,INC.fictiiono,caLiroRNiA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 4.PROJECT TEAM 4.1 Project Team The following Senior GeothermEx personnel will be assigned to the project: No.of Years Name Position Highest Education of Experience Role in the Project Dr.S.K.Sanyal Vice President Ph.D in Petroleum 22 Project management,(Reservoir Engineering,Reservoir engineering,Engineering)Stanford University Representation on the finance team Dr.J.R.McNitt Vice President Ph.D in Geology,32 Analysis of geologic data, (Exploration)University of Conceptual modeling California (Berkeley) Dr.M.C.Gardner Executive Vice Ph.D.in Geology,30 Geological hazardsPresidentArizonaUniversityanalysis Dr.R.W.Greensfelder Senior Ph.D.in Geophysics,22 Analysis of GeophysicalGeophysicistStanfordUniversitydata,Geological hazards analysis Dr.C.W.Klein Senior Ph.D.in Geology,17 Analysis of geochemicalGeochemistHarvardUniversitydata Mr.E.E.Granados Senior Drilling M.S.in Petroleum 16 Drilling engineeringEngineerEngineering,Stanford University Mr.A.J.Menzies Senior Well MS.in Petroleum 12 Quantitative reservoir Test Engineer Engineering,modeling Stanford University Mr.R.C.Henneberger -_Geologist MSS.in Geology,9 Well log analysis, University of Geological hazards Auckland (New Zealand)analysis 17 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.aichtono,catironnia 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 The above personnel will be supported,as needed,by a systems programmer,a data-base specialist,a CAD expert,a computer operator and the secretarial staff. Brief resumes of the senior project personnel follow. 4.2 Resumés of the Senior Team Members =Dr.Subir K.Sanyal Dr.Sanyal has worked as a reservoir engineer since 1969.His expertise includes management of reservoir engineering programs,well test analysis,digitized well-log analysis,modeling and numerical simulation of reservoirs,training of reservoir engineers,and software development.He is a vice president and manager of reservoir engineering services of GeothermEx,and has managed geothermal projects continuously since 1975.He has managed major geothermal and petroleum projects in the US,The Philippines,Japan and Italy.He has conducted technology transfer programs in Japan,Greece,Bolivia, Brazil and The Philippines,and reservoir engineering assessment of many reservoirs in the U.S.,Nicaragua,Guatemala,Portugal, Yugoslavia,the Azores and Costa Rica. Before joining GeothermEx in 1980,Dr.Sanyal was a consulting professor and manager of the Petroleum Research Institute at Stanford University,vice president of Geonomics,Inc.,senior staff specialist for 18 SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.icumonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 the U.S.Geological Survey,consulting engineer for Scientific Software Corporation,and a senior petroleum engineer for Texaco,Inc. Dr.Sanyal holds a Ph.D.degree in petroleum engineering from Stanford University,and a Masters degree in petroleum engineering from the University of Birmingham (England). =»Dr.James R.MeNitt Dr.MeNitt has worked continuously in geothermal exploration and development since 1959.His expertise includes management of exploration programs,reconnaissance evaluation of geothermal prospects,supervision of drilling and testing of geothermal wells,and the development of hydrogeologic models of geothermal fields from multi-disciplinary data.He is a vice president and the manager of exploration for GeothermEx.He has worked as a geothermal consultant in 31 countries,and sited successful discovery and step-out wells in many geothermal fields in the U.S.and overseas. Before joining GeothermEx in 1980,Dr.McNitt was a technical advisor for the United Nations,where he supervised the exploration of geothermal prospects in El Salvador,Chile,Honduras,India,Jordan, Ethiopia,and Madagascar.He was the Resident Project Manager for the U.N.geothermal project in Kenya,where he planned,directed,and interpreted the work of technical specialists of many disciplines,and located and drilled the discovery well of the Olkaria geothermal field. 19 SUITE 201 5221 CENTRAL AVENUEGeotnhermeEx,INC.-aicuimonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Dr.McNitt also worked as a geothermal specialist for the California Division of Mines and Geology,where he was involved in geologic studies of several geothermal systems in the U.S.and published the first detailed geologic map of The Geysers geothermal field. Dr.MeNitt holds a Ph.D.degree in geology from the University of California,Berkeley. =Dr.Murray C.Gardner Dr.Gardner has been active in the study of geology,hydrology and geochemistry of geothermal systems since 1961.His expertise includes management of drilling programs,coordination with government regulatory bodies,economic assessment of prospects, analysis of structural geology and fracture systems and hydrogeological surveys.He has conducted major geothermal projects in the U.S.,Iran, Argentina,Nicaragua,the Azores,and elsewhere.He is executive vice president and manager of drilling services of GeothermEx. Before joining GeothermEx in 1972,Dr.Gardner was a Professor of Geology at Southern Oregon College,worked as a director of geochemical and hydrologic field operations for Teledyne Isotopes, and worked as a volcanologist for the U.S.Geological Survey. Dr.Gardner earned his Ph.D.degree in economic and structural geology from the University of Arizona. 20 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.aicumono,CALIFORNIA 94804-5829 ($10)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 =Dr.Roger W.Greensfelder Dr.Greensfelder joined GeothermEx in 1974 as senior geophysicist.Prior to that he worked as a seismologist and geophysicist for the U.S.Geological Survey and California State Division of Mines and Geology.His expertise includes both passive and active seismics, and gravimetry,electrical resistivity,magnetotelluric and heat-flow surveys.This involves both the design and instrumentation for such surveys,and the interpretation of acquired data.Dr.Greensfelder has worked on geothermal projects in Japan,Costa Rica,Mexico,and Italy, and at several geothermal areas in the United States.This American work has involved field and laboratory heat-flow and seismic surveys, management of electrical resistivity and gravity programs,and the interpretation of data from all of these. Dr.Greensfelder holds a Ph.D.degree in geophysics from Stanford University,a Masters degree in seismology from the University of Nevada,and a Bachelors degree in geology-geophysics from the University of California. =Dr.Christopher W.Klein Dr.Klein has been a supervising geochemist with GeothermEx since 1974.His expertise includes fluid and isotope geochemistry of geothermal and volcanic regions,hydrothermal mineralization of thermal areas,relationships between geology and geochemistry,well 21 SUITE 201 5221 CENTRAL AVENUEGeothermeX,INC.-Ricmono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 testing,fluid sampling and analysis,scaling and corrosion studies, numerical simulation of reservoir chemistry and fluid behavior in response to boiling,mixing and cooling,software development,and computer database management.He has worked on geothermal geochemistry in the U.S.,Costa Rica,Nicaragua,Honduras,Argentina, the Azores,Panama,Italy,Yugoslavia,Iran,Indonesia,Papua New Guinea,the Philippines and Japan. Dr.Klein holds a Ph.D.degree in geology from Harvard University and a Bachelors degree in chemistry from the University of California,Berkeley. =Anthony J.Menzies Mr.Menzies has 11 years experience in geothermal reservoir engineering and has been a supervising reservoir engineer with GeothermEx since 1985.His expertise includes design and supervision of well test programs,analysis of well test data,numerical simulation, and analysis of two-phase flow in geothermal wells and reservoirs.He has extensive experience in organizing and supervising field management programs and training programs.He has worked on numerous geothermal projects in the U.S.,Japan,the Philippines, Canada,Guatemala,Italy,the Azores and Papua New Guinea. 22 SUITE 201 §221 CENTRAL AVENUEGeothermeEx,INC.aicumonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Mr.Menzies holds a Masters degree in petroleum engineering from Stanford University and a Bachelors (Hons.)degree in chemical engineering from Canterbury University,New Zealand. =Roger C.Henneberger Mr.Henneberger has been a geologist with GeothermEx since 1984.His expertise includes wellsite geology,hydrothermal petrology, well test supervision,geochemical sampling,software development, database management,statistical analysis,and planning,permitting,and supervision of drilling programs.He has worked on drilling,testing and assessment projects in the U.S.,the Azores,Papua New Guinea and the Philippines. Mr.Henneberger holds a Masters (Hons.)degree in geology from the University of Auckland,New Zealand,and a Bachelors degree in geology from Stanford University. =Eduardo E.Granados Mr.Granados is a senior drilling and well testing engineer with GeothermEx since 1984 and has been active in geothermal exploration, drilling,and well testing continuously since 1975.His expertise includes geothermal well design and drilling engineering;design, instrumentation,and supervision of geothermal well tests;analysis of 23 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.-Richsmono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 well test data,supervision of drilling operations;design of and supervision of construction for civil works;and preparation of drilling specifications and bid documents.He has conducted major projects in the US.,Japan,Papua New Guinea,El Salvador,Guatemala and Costa Rica. Mr.Granados holds a Masters degree in petroleum engineering from Stanford University and a Bachelors degree in civil engineering from the University of Costa Rica. 24 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.-RicHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 5.FEE SCHEDULE The estimated total cost of this effort is $69,540 as estimated below: PHASEI (Prior to the decision on bond issuance) LABOR No.of Hours in TaskHour]Total FeesTeamMemberRateY1234567Hours($) S.K.Sanyal 90 40 0 8 8 0 30 8 94 8,460 J.R.McNitt 90 56 0 8 8 8 0 0 80 7,200 M.C.Gardner 90 0 16 0 0 8 0 0 24 2,160 R.W.Greensfelder 85 20)=-s16 0 0 0 0 0 36 3,060 C.W.Klein 75 64 0 0 0 0 0 0 64 4,800 A.J.Menzies 70 32 0 0 0 0 0 0 32 2,240 E.E.Granados 70 0 0 8 8 0 0 0 16 1,120 R.C.Henneberger 65 20 8 0 0 24 0 0 52 3,380 Systems Programmer/55 8 0 0 0 0 0 0 8 440DataBaseExpert CAD Expert 45 8 0 0 0 0 0 0 8 360 Computer Operator 40 12 0 0 0 0 0 0 12 480 Secretary 35 0 0 0 0 0 10 =610 20 700 Subtotal Labor:$34,400 EXPENSES Airfare:1 trip to Anchorage (Richmond-Anchorage)$1,800Airfare:2 trips to Seattle (Richmond-Seattle)1,700(Richmond-Seattle)Per diem (1 man-day)in Anchorage 300Perdiem(2 man-days)in Seattle 300Reproductionandreportpreparation500Communication(mail,telephone,telefax)250Computertimeandmaterials500Miscellaneous250 Subtotal Expenses:$5,600 SUBTOTAL (Phase I):$40,000 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.aicumono,caLirornta 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 5.FEE SCHEDULE PHASE II (Due diligence for bond issue) LABOR No.of Hours in TaskHour]Total FeesTeamMemberRate1234567Hours($) S.K.Sanyal 90 0 0 0 0 0 50 832 82 7,380 J.R.McNitt 90 0 24 0 0 0 0 616 40 3,600 M.C.Gardner 90 0 16 0 0 0 0 16 1,440 R.W.Greensfelder 85 QO 44 0 0 0 0 44 3,740 C.W.Klein 75 0 0 0 0 0 0 16 16 1,200 A.J.Menzies 70 0 0 0 0 0 0 8 8 560 E.E.Granados 70 0 0 0 0 0 0 0 0 0 R.C.Henneberger 65 0 8 0 0 0 0 0 8 520 Systems Programmer/55 0 8 0 0 0 0 0 8 440DataBaseExpert CAD Expert 45 0 0 0 0 0 0 32 32 1,440 Computer Operator 40 0 8 0 0 0 0 0 8 320 Secretary 35 0 0 0 0 0 4 16 20 700 Subtotal Labor:$21,340 EXPENSES Airfare:1 trip to Anchorage (Richmond-Anchorage)$1,800Airfare:1 trip to New York (Richmond-New York)1,200Airfare:1 trip to Seattle (Richmond-Seattle)850Perdiem(4 man-days)in Anchorage/New York 1,200Perdiem(1 man-day)in Seattle 150Reproductionandreportpreparation2,000Communication(mail,telephone,telefax)250Computertimeandmaterials500Miscellaneous250 Subtotal Expenses:$8,200 TOTAL (Phase II):$29,540 TOTAL (PHASES I &II):$69,540 26 :GeothermeEx,Inc. SUITE 201 §221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829 (415)527-9876 _CABLE ADDRESS GEOTHERMEX !TELEX 709152 STEAM UD .FAX (415)527-8164 f APPENDICES SUITE 201 5221 CENTRAL AVENUEGeothermEx,INC.-Ricuwonp,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 APPENDIX A GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829GeothermeEx,Inc. (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE The assessment projects listed below typically included conceptual modeling of thegeothermalsystembasedonanalysisofexplorationdata,well log and well testanalysis,numerical simulation of reservoir and wellbore,field developmentoptimization,field management planning,and economic analysis.Seventy-fourprojectsaredescribedbelowandincludelow-enthalpy,single-phase water,two-phasewater,steam,hypersaline and oil/gas reservoirs.The projects listed below have atotalof3,363 MWe power on line and 451 MWe under construction. MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR Bacon Manito,Luzon I.Philippines (110)1984-1985 Bulalo,Luzon I.Philippines 330 1981 Daklan,Luzon I.Philippines 1982-1983 Maibarara,Luzon I.Philippines (25)1982 Palimpinon,Negros Philippines 110 1982-1983 Tiwi,Luzon I.Philippines 330 1983-1985 Miravalles,Guancaste Costa Rica (55)1980-1983 Takigami,Kyushu 1.Japan (25)1983-1989 Niseko,Hokkaido I.Japan 1986-1987 Minami Aizu,Honshu 1.Japan 1986-1987 Hakkoda,Honshu I.Japan 1986-1987 Kokubu,Kyushu I.Japan 1986-1987 Okuaizu,Honshu I.Japan (55)1986-1989 SUITE 201 §221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829Geothermex,Inc. (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR Uenotai,Honshu I.Japan (25)1988-1991 Onikobe,Honshu I.Japan 12.5 1988-1989 Latera,Latium Italy (25)1985-1987 25 Mofete,Naples Italy 1986-1987 Duri,Sumatra Indonesia ****(Oil field)1982-1983 Dieng Indonesia (50)1983 Zunil Guatemala (15)1985-1986, 1988-1991 Olkaria Kenya 45 1982 Kocani,Macedonia Yugoslavia ****(gold mine)1983-1984, Momotombo Nicaragua 37 1979 Several fields Bolivia gas fields 1983-1984 Lihir Island Papua New Guinea ****1986-1991 (gold mine) Chingshui Taiwan,China 3 1979 Tatun Taiwan,China 1985 Agua de Pau,Azores I.Portugal (10)1988-1989, 1991 Cerro Prieto Mexico 620 1989-1990, 1991 The Geysers,California United States 25 1988-90 (Aidlin Leasehold) SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.-icmono,caLirornia 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR The Geysers,California United States 55 1981 (Thermogenics Leasehold) The Geysers,California United States 1982 (MSR Leasehold) The Geysers,California United States 220 1979-1989 (NCPA Leasehold) The Geysers,California United States 89 1981-1984(Santa Fe Leasehold) The Geysers,California United States 1982,1985(GKI Leasehold) The Geysers,California United States 55 1981-1989(CDWR Leasehold) The Geysers,California United States 360 1979-1982,(GGC Leasehold)1985-1991 The Geysers,California United States 130 1982-1989(GRI Leasehold) East Mesa,California United States 1980-1981(RG!Leasehold) East Mesa,California United States 30 1984-1988(Ormesa 1) East Mesa,California United States 20 1986-1988(Ormesa Il) SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829GeothermeEx,Inc. (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR East Mesa,California United States 10 1989 (Ormesa IH) East Mesa,California United States 10 1988-1989 (Ormesa IE) East Mesa,California United States 46 1987-1991 (Geo leasehold) Salton Sea,California United States 210 1983-1985, 1984-1990 South Brawley,California United States 1985-1986(Kennecott Leasehold) Niland,California United States 1982,1985(RG!Leasehold) Heber,California United States 110 1980, 1987-1989, 1991 Long Valley,California United States 50 1985-1986, 1989-1991 Coso Hot Springs,California United States 1984-1987,(Los Angeles Leasehold)1988-1989 Coso Hot Springs,California United States 250 1986-1991(California Energy Leasehold) Kern River,California United States oil field 1981-1984 Litchfield,California United States xe 1982-1983, 1990-1991 Wendel,California United States 3 1984 SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829Geotherme,Inc. (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR Amedee,California United States 3 1987-1988 Susanville,California United States ahahaha 1980-1983 Puna,Hawaii United States 25 1974-1983, 1988-1991,Fishlake Valley,Nevada United States 1984-1985 Beowawe,Nevada ©United States 15 1979-1984, 1990-1991 Brady's Hot Springs,Nevada United States halle 1980-1981 (GFP Leasehold) Brady's Hot Springs,Nevada United States (25)1986-1987 (Munson Leasehold)1991 Desert Peak,Nevada United States 10 1979-1981, 1990-1991 Dixie Valley,Nevada United States 60 1983-1989 Empire,Nevada United States 3 1986-1988 Soda Lake,Nevada United States 15 1986-1987, 1989-1991 Steamboat Springs,Nevada _-United States 13 1985-1988(Steamboat Hills) Steamboat Springs,Nevada _United States 9 1987-1989,(24)1991 Klamath Falls,Oregon United States ReKK 1976-80 Stillwater,Nevada United States 15 1988-1991 Ontario,Oregon United States 1979-1981 SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 GEOTHERMAL RESOURCE ASSESSMENT EXPERIENCE MWe POWER ON LINE OR UNDER FIELD COUNTRY CONSTRUCTION YEAR Roosevelt Hot Springs,United States 26 1983,Utah 1984-1986, 1990-1991 Sacramento Valley,Ca United States gas fields 1984 Cove Fort,Utah United States 3.5 1988-1989 (7.0) Surprise Valley,Ca United States 10 MW planned 1991 *xx*Direct heat use ()Power plant under construction SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 APPENDIX B A PARTIAL LIST OF GEOTHERMEX CLIENTS SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.Richmono,caLirornta 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 A PARTIAL LIST OF GEOTHERMEX CLIENTS International Lenders and Donors Asian Development Bank InterAmerican Development Bank The OPEC Fund United Nations Development Programme United Nations Revolving Fund United Nations Special Fund United States Agency for International Development World Bank Electric Power Utilities in the United States Beowawe Geothermal Power Company Bountiful (Utah)Gas &Electric Department California Department of Water Resources Central California Power Agency Constellation Holdings East Bay Municipal Utilities District ESI Energy Eugene (Oregon)Water &Electric Board Los Angeles Department of Water &Power Modesto (California)Irrigation District MSR Public Power Agency Northern California Power Agency Pacific Lighting Energy Systems &Pacific Energy CorporationPacificPower&Light Company Portland General Electric Company Sacramento Municipal Utility District San Diego Gas &Electric Company Santa Clara,California,Electrical Department Sierra Pacific Power Company Southern California Edison Company Southern California Gas Company Utah Power &Light Company Exploration Companies/Resource Developers/Pipeline Companies AGIP S.p.A.(Italy) Al-Aquitaine Exploration,Ltd. Amax Exploration,Inc. American Overseas Petroleum,Ltd. Aminoil USA,Inc. SUITE 201 §221 CENTRAL AVENUEGeothermeEX,INC.Richwono,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Exploration Companies/Resource Developers/Pipeline Companies (continued) Anadarko Production Company Atlantic Richfield Company (ARCO) Barnwell Industries,Inc. Bear Creek Mining Company Brinco,Ltd.(Canada) British Petroleum Company (Britain)Buttes Gas and Oil Company Caltex Petroleum Corporation Chevron Resources Company Dowa Mining Company (Japan) Earth Power Corporation Entex,Inc. Freeport Mineral Co. General Crude Oi]Company Geothermal Kinetics,Inc. Geothermal Power Corporation Geothermal Resources International,Inc. Grace Geothermal Company,Inc.Gulf O11 Company Hunt Energy Corporation Hunt Oil Company Idemitsu Geothermal Co.,Ltd.(Japan)Kennecott Kerr-McGee Corporation Magma Power Company MCR Geothermal Corporation Mission Energy Company Mission Power Engineering CompanyMitsuiMining&Smelting Company (Japan)Monterey Energy CompanyNorthernNaturalResources CompanyNorthgateExploration,Ltd. Occidental Petroleum CompanyOxbowCorporation Pacific Energy Corporation Petro-Lewis Corporation Phillips Petroleum Company Santa Fe Minerals,Inc. Shell 011 Company Sunoco Energy Development Co. SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.-Ricumonp.CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Exploration Companies/Resource Developers/Pipeline Companies (continued) Thermal Power Company Thermogenics,Inc. TransCanada Pipeline Co.(Canada) Transpacific Geothermal,Inc. Trend Exploration Co. US Energy Corporation Utah International,Inc. Direct Heat Consumers Anderson Group Basic Vegetable Products,Inc. Carson Development Company City of Boise,ID City of Klamath Falls,OR City of Susanville,CA City of Ukiah,CA Dow Chemical U.S.A. GeoProducts Corp. Geothermal Development Associates Geothermal Food Processors,Inc. Hewlett-Packard Corporation Klamath Wood Products,Inc. Las Vegas Hilton Moapa Band of Paiutes Modoc Lumber Company Ore-Ida Foods,Inc. Sierra County,CA Research Organizations and U.S.Governmental Agencies California Energy Commission Electrical Power Research Institute (EPRI)Geothermal Energy Research &Development Co.(Japan)Idaho National Engineering Laboratory Lawrence Livermore National Laboratory Los Alamos Scientific Laboratories Stanford University Petroleum Research Institute U.S.Agency for International DevelopmentU.S.Bureau of Reclamation U.S.Department of Energy SUITE 201 5221 CENTRAL AVENUEGeothermeEx,INC.-Ricumono,caLiroania 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Research Organizations and U.S.Governmental Agencies (continued) U.S.Fish and Wildlife Service University of Alaska University of California,Berkeley University of Utah Research Institute Agencies of Other Governments Bureau of Energy and Electric Power of Tibet Autonomous Region,People's Republic of China Comisién Ejecutiva Hidroelectrica del Rio Lempa (E1 Salvador) Comision Federal de Electricidad (Mexico) Commune of Kocani,Macedonian Republic (Yugoslavia)Electricité de Djibouti (Djibouti) Empresa de Electricidade dos Acores (Portugal) Empresa Nacional de Electricidad (Bolivia) Empresa Nacional de Energia Electrica (Honduras) Empresa Nacional de Luz y Fuerza (Nicaragua)Electric Power Development Corporation (Japan) Geosciences Institute of The Azores (Portugal)Instituto Costarricense de Electricidad (Costa Rica) Instituto Nacional de Electrificaci6én (Guatemala) Kenya Power &Lighting Co.,Ltd.(Kenya) Ministry of Energy (Iran) Ministry of Energy (Uganda) Ministry of Energy (New Zealand) Ministry of Energy (Uganda) National Power Corporation (The Philippines)National Science Council,Republic of China (Taiwan)New Energy Development Organization (Japan)Provincial Government of Mendoza (Argentina)Provincial Government of San Juan (Argentina)Yacimientos Petroliferos Fiscales Bolivianos (Bolivia) Yemen Oil and Mineral Resources Corporation(Yemen Arab Republic) Architectural and Engineering Firms Bechtel Corporation Ben Holt Co. CHM-Hil],Inc.Cooper &Clark EPN Perforadora Latina (Mexico)Fluor Corporation Gibbs and Hill,Inc. SUITE 201 §221 CENTRAL AVENUEGeothermeEx,INC.-aicumonp,caLirornia 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Golder Associates International Engineering Company,Inc. Ormat Systems,Inc. Mission Power Engineering Co. Rogers Engineering Co.,Inc. SAI Engineers,Inc. Organizations With Large Land Holdings Andrus Trust Burlington Northern International Paper Company Kimberly-Clark Corporation L-W Land &Cattle Co.,Inc. Simmons Estate The Irvine Company Weyerhaeuser Company Banks/Investment Groups/Insurance Companies AT&T Capital Corp. Bank of California Bank of New England Bankers Trust Company Bonneville Pacific Investment Company Century Capital Associates Chase Manhattan Bank Chrysler Corporation Citibank N.A. Citicorp USA Credit Suisse Deutsche Bank Fuji Bank G.E.Capital Corporation Hartford Steam Boiler Inspection and Insurance Co. Heller Financial,Inc. Kidder Peabody Merrill Lynch,Pierce,Fenner &Smith Morgan Guaranty Trust Company Prudential Capital Corporation Prudential Power Funding Associates Rhode Island Hospital Trust National Bank Swiss Bank Corporation Wells Fargo Bank and Trust CompanyWestinghouseCreditCorporation Geothermex,Inc. SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 Others Coopers and Lybrand Criterion Ecoview Fairchild Semiconductor Geonomics,Inc. IBM Corporation Jones &Stokes Associates,Inc. Lahontan,Inc. Northwest Biological ConsultingRockwellInternational Science Applications,Inc. Teledyne Isotopes Westec Services SUITE 201 5221 CENTRAL AVENUEGeothermeEX,INC.Bichmono,CALIFORNIA 94804-5820 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 APPENDIX C BANK REFERENCES FOR GEOTHERMEX,INC. SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829GeothermEx,Inc. (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 BANK REFERENCES FOR GEOTHERMEX,INC. Bank AT&T Capital Corp. Morristown,New Jersey Bankers Trust Company New York,New York Chase Manhattan Bank New York,New York Chrysler Corporation Stamford,Connecticut Citibank N.A. New York,New York Citicorp USA Los Angeles,California Credit Suisse New York,New York Credit Suisse New York,New York Deutsche Bank New York,New York Fuji Bank Los Angeles,California GE Capital Stamford,Connecticut Merrill Lynch,Pierce, Fenner,Smith New York,New York Name &Title Mr.Richard Grosdidier Director,Project Finance Mr.Donald Carse Senior Vice President Mr.Richard Buy Vice President Mr.Brian Caldwell Vice President Mr.Donald B.Kyle Senior Vice President Ms.Anne K.Costin Vice President Mr.Markus K.Christen Senior Vice President Mr.Scott McInnis Director of Project Finance Mr.Richard Garcia Vice President Mr.Jon Bigelow Vice President Mr.Craig Reynolds Senior Vice President Mr.Richard Molke Senior Vice President Telephone No. (201)397-8767 (212)850-1923 (212)552-1436 (203)975-3539 (212)559-1505 (213)239-1525 (212)612-8208 (212)612-8329 (212)474-8254 (213)626-0475 (203)357-4450 (212)637-7455 Geothermex,Inc. SUITE 201 5221 CENTRAL AVENUE RICHMOND,CALIFORNIA 94804-5829 (510)527-9876 CABLE ADDRESS GEOTHERMEX TELEX 709152 STEAM UD FAX (510)527-8164 BANK REFERENCES FOR GEOTHERMEX,INC.CONT'D Morgan Guaranty Bank New York,New York Prudential Capital Corp. Newark,New Jersey Prudential Power Funding Associates San Francisco,California Swiss Bank Corporation New York,New York Westinghouse Credit Corp. Pittsburgh,Pennsylvania Mr.Charlton H.Chatfield Senior Vice President Mr.Richard Thomas Senior Vice President Mr.John E.Wood Vice President Mr.Charles P.O'Neil Senior Vice President Mr.Fernando Menendez Vice President (212)648-7048 (201)877-7493 (415)955-0906 (212)547-3089 (412)393-3517