GA Drilling Successfully Tests Breakthrough Technology for Deep Geothermal Drilling

Rhea-AI Summary

GA Drilling has successfully demonstrated its new deep drilling tool, ANCHORBIT®, in partnership with Nabors Industries (NYSE: NBR) on April 25, 2023. This technology aims to significantly reduce the costs of deep geothermal drilling by doubling penetration rates and extending drill bit lifespan in challenging formations. The integration of ANCHORBIT® with Nabors' automated systems is expected to fuel commercialization and broaden global geothermal energy access. With capabilities to penetrate depths exceeding 5 km, ANCHORBIT® could unlock geothermal energy potential worldwide, contributing to decarbonization goals by providing a reliable, renewable energy source.

Positive

• Successful demonstration of ANCHORBIT® technology on April 25, 2023.
• Expected to double drilling speed and extend drill bit life in challenging formations.
• Partnership with Nabors Industries to enhance commercialization of geothermal projects.
• Potential to unlock geothermal energy globally, providing a clean and renewable energy source.
• Designed for high-temperature hard rock formations, increasing economic feasibility of geothermal projects.

Negative

• None.

The introduction of ANCHORBIT^® technology by GA Drilling and its successful validation at a Nabors test site is a crucial step toward unlocking "Geothermal Anywhere" on a global scale

HOUSTON--(BUSINESS WIRE)-- GA Drilling, a.s. ("GA Drilling") conducted the first public demonstration of its new deep drilling tool, ANCHORBIT^®. GA Drilling developed the tool to materially cut the cost of deep geothermal drilling by doubling the drilling speed and extending the drillbit lifetime in hard and abrasive formations.

The test was performed on April 25, 2023, in partnership with Nabors Industries Ltd. ("Nabors") (NYSE: NBR) at their technology center in Houston. Integrating the innovative drilling tools of GA Drilling into Nabors' industry-leading automated drilling operations is expected to accelerate field commercialization and eliminate traditional economic barriers to deep geothermal projects. This should expand global access to geothermal energy.

GA Drilling, a geothermal technology company with operations in Houston (USA), Bratislava (Slovakia), and Bristol (U.K.), is a pioneer in advanced drilling using plasma and thermomechanical technologies as well as in movement/anchoring expertise.

Unlocking geothermal anywhere requires new, deep drilling technologies

Geothermal power plants have delivered 24/7 energy for decades but only in specific tectonically active areas like California or Iceland, where only relatively shallow drilling is required. In all other places, conventional technologies have until now not allowed for cost-efficient drilling. GA Drilling is launching breakthrough technologies to gradually unlock this massive fossil-free baseload energy source anywhere needed, delivering terawatts of clean energy from unprecedented depths globally and unlocking the commercial opportunity of geothermal energy.

ANCHORBIT^® is purpose-built for high-temperature, hard rock formations

ANCHORBIT^® is a downhole walking system that prevents vibrations and improves stability when drilling with rotary systems in the hard and abrasive formations commonly encountered in deep and hot geothermal projects. In these conditions, ANCHORBIT^® should double the rate of penetration and bit lifetime since the tool allows for the stabilization of the bit in the wellbore and thus applies more weight to the bit. Currently, drilling in such conditions is accompanied by vibrations, a low rate of penetration, and frequent replacement of bits.

ANCHORBIT^® is designed to improve drilling economics and make more geothermal projects economically feasible. It is a plug-and-play solution with conventional rotary drilling, which will enable immediate commercialization after the final development cycle. It is also designed to be part of the GA Drilling’s PLASMABIT^® technology, a game-changer for the geothermal drilling industry.

Meeting Decarbonization Goals

Geothermal energy is the only clean, renewable, and reliable baseload energy source; however, due to the limited geographical distribution of high-temperature rocks close to the surface, its full potential remains largely untapped until now. ANCHORBIT^® is engineered to enable deep drilling in high-temperature hard formations at a cost comparable to conventional drilling in shallow wells. These proven technologies aim to penetrate crystalline rock at high penetration rates at depths exceeding 5 km (3 miles). Clean energy is generated by producing water heated in the earth's crust and converting it to power at the surface. Building on a common technology infrastructure and the ability to access geothermal almost anywhere in the world, GA Drilling will speed up and expand the availability of carbon-free energy options for power generation. Geothermal is also an ideal solution to retrofit carbon-intensive coal power plants, eliminating emissions and strengthen countries' energy independence from fossil fuels.

Management Comments

Igor Kocis, Founder and CEO of GA Drilling, said: "For several years, our team worked relentlessly to enable clean, baseload geothermal power in any place of the world. We are thrilled that today we demonstrated in a real well a significant achievement: the successful use of our first ANCHORBIT^® tool, applicable to today's geothermal projects. It will improve their returns, reduce the risk, and help the current industry to expand projects into new territories. We are starting a new era for our company and for the whole geothermal sector to become a decisive player in the energy mix. With this breakthrough, we have made another big step toward delivering our promise of 'Geothermal Anywhere.'"

Tomas Kristofic, Founder and CTO of GA Drilling, said: "ANCHORBIT^® is an excellent mixture of existing technologies, 'spiced' by unique innovations. As a result, it brings unparalleled enhancement in drilling performance and consistency to existing drilling technologies. It is a long-awaited leap on the path to the breakthrough technology enabler of a geothermal revolution."

Siggi Meissner, President, Energy Transition and Industrial Automation at Nabors Industries said: "Congratulations to GA Drilling on the successful demonstration of ANCHORBIT technology. The test provided valuable experience and information as we look to integrate new, innovative geothermal tools on Nabors rigs. We look forward to continuing our collaboration with GA.”

About GA Drilling

GA Drilling, with its patented ANCHORBIT^® and PLASMABIT^® technologies, offers a breakthrough solution for a local and independent source of electricity, heating, clean water, and food production in an unstable world. The company will provide scalable, modular solutions to zero-carbon emissions' geothermal energy production. Geothermal energy is the only renewable source of clean and baseload energy, available 24/7/365. It works regardless of weather conditions or the day-night cycle. PLASMABIT^® brings a significant reduction in operational time and cost savings, drilling faster, deeper, and cheaper through any material, including hard rock and steel. The technology results from years of R&D, with 25+ registered patents, supported by a full-time team of over 60 engineers and researchers, industrial funding, investors, E.U. research grants, and strategic technology development partnerships with drilling industry leaders from Europe, the U.S. and Asia: www.gadrilling.com.

About Nabors Industries

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005922/en/

Igor Kočiš

CEO, GA Drilling

+421 2 2092 0100

marketing@gadrilling.com

Robin Davidson

+1 281-775-3427

robin.davidson@nabors.com

Source: GA Drilling

FAQ

What is ANCHORBIT® technology by GA Drilling and how does it impact geothermal energy?

ANCHORBIT® is a new deep drilling tool designed by GA Drilling to significantly reduce costs and improve efficiency in deep geothermal drilling, facilitating access to geothermal energy globally.

What were the results of the ANCHORBIT® demonstration conducted with Nabors Industries?

The demonstration on April 25, 2023, showcased the ability of ANCHORBIT® to double drilling speeds and enhance drill bit longevity in hard formations.

How does the partnership between GA Drilling and Nabors Industries benefit geothermal projects?

The partnership aims to integrate innovative drilling technologies into Nabors' automated operations, accelerating the commercialization and reducing economic barriers for geothermal energy projects.

What depth capabilities does ANCHORBIT® offer for geothermal drilling?

ANCHORBIT® is engineered to penetrate depths exceeding 5 km (3 miles), enabling access to geothermal energy sources that were previously untapped due to drilling challenges.

What are the potential environmental benefits of using ANCHORBIT® technology?

By unlocking geothermal energy, ANCHORBIT® technology supports decarbonization efforts, providing a clean and reliable energy source while reducing dependence on fossil fuels.