The World Bank Report No: ISR2775 Implementation Status & Results Armenia Public Disclosure Copy GEOFUND 2: ARMENIA GEOTHERMAL PROJECT (P114409) Operation Name: GEOFUND 2: ARMENIA GEOTHERMAL PROJECT Project Stage: Implementation Seq.No: 5 Status: ARCHIVED Last Modified Date: 07-Feb-2011 (P114409) Country: Armenia Approval FY: 2009 Product Line: Global Environment Project Region: EUROPE AND CENTRAL ASIA Lending Instrument: Adaptable Program Loan Implementing Agency(ies): Key Dates Board Approval Date 24-Feb-2009 Original Closing Date 30-Apr-2011 Planned Mid Term Review Date Last Archived ISR Date 09-Oct-2010 Effectiveness Date 28-Apr-2009 Revised Closing Date 30-Sep-2012 Actual Mid Term Review Date Global Environmental Objectives Global Environmental Objective (from Project Appraisal Document) Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Technical assistance 1.80 Project management 0.06 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of GEO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Implementation Status Overview The implementation of the first phase of the project is completed. The results of field investigation works, magneto-telluric (MT) sounding and independent interpretation of the sounding results suggested that out of the two geothermal sites, Karkar (in South-Eastern part of the country) has the largest geothermal potential. The second phase of the project includes three-dimensional (3D) magneto-telluric sounding of the Karkar site, independent evaluation of results and assessment of the economic and financial viability of the Karkar site. Procurement of 3D MT sounding for Karkar site is underway. Results Page 1 of 4 The World Bank Report No: ISR2775 Global Environmental Objective Indicators Public Disclosure Copy Indicator Baseline Current End Target Indicator Name Value Value Value Decision whether to drill or not to drill exploratory wells for the n/a drill or not drill decision made geothermal sites, based on the results of site investigation works Date Date Date 04-Feb-2011 30-Sep-2012 Type Unit of Measure Comment Comment Comment Custom Indicator Text Too early to measure. Overall, the project is on track. The 3D MT sounding of the Karkar site, independent interpretation of sounding results and the assessment of the economic and financial viability are expected to be completed by the project closing date. Intermediate Results Indicators Indicator Baseline Current End Target Indicator Name Value Value Value Surface geological map is produced containing fault structures, Surface geological map with Surface geological map is potential recharging zones, and surface geothermal manifestations proposed areas for further produced with proposed areas for Date investigations is produced. further investigations Date Date Type Unit of Measure Comment 04-Feb-2011 31-Dec-2009 Custom Indicator Text Comment Comment The target was achieved on Public Disclosure Copy November 15, 2009 Indicator Baseline Current End Target Indicator Name Value Value Value Two cross sections with the visualization of the rock formation Two cross sections are prepared Two cross sections are produced resistivity are produced; also the need for performing 3D seismic is and justification for 3D survey is and the justification for 3D survey Date assessed provided. is assessed Date Date Type Unit of Measure Comment 04-Feb-2011 31-Dec-2009 Custom Indicator Text Comment Comment The target was achieved on November 15, 2009 Page 2 of 4 The World Bank Report No: ISR2775 Indicator Baseline Current End Target Public Disclosure Copy Indicator Name Value Value Value 3D images of the site subsurface structure with main fault zones and Selection of the 3D MT sounding 3D images of the site subsurface the depth, extent and thickness of permeable zones are produced; and consultant is underway. structure are produced; and the Date at least 3 cross sections cross sections are prepared. Date Justification, number, depth and Type Unit of Measure Comment 04-Feb-2011 precise locations of potential Custom Indicator Text Comment exploratory wells is determined. The selection of the consultant will Date be completed by February 28, 31-Jul-2012 2011. Comment Indicator Baseline Current End Target Indicator Name Value Value Value The economic and financial rates of return are assessed and sensitivity n/a The economic and financial analysis conducted analysis is completed Date Date 04-Feb-2011 Date Type Unit of Measure Comment Comment 15-Sep-2012 Custom Indicator Text Planned to be completed by Comment September 15, 2012 Data on Financial Performance (as of 28-Dec-2010) Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P114409 TF-93653 Effective 26-Feb-2009 26-Feb-2009 28-Apr-2009 30-Sep-2012 Public Disclosure Copy Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P114409 TF-93653 Effective USD 1.50 1.50 0.00 0.62 0.88 41.00 Disbursement Graph Page 3 of 4 The World Bank Report No: ISR2775 Public Disclosure Copy Key Decisions Regarding Implementation The results of the first phase of investigation works, comprised of geological field investigations, magneto-telluric sounding of the Karkar and Gridzor potential geothermal sites and independent evaluation of the results of magneto-telluric sounding, suggest that Karkar geothermal site is more promising. Currently, the Renewable Resources and Energy Efficiency Fund, the implementing entity of the project, is procuring the consultant for three-dimensional magneto-telluric sounding of the Karkar site, which will provide further detailed evidence on the potential of the site and enable to make final decision whether exploratory drilling of the site is justified or not. Restructuring History Level two Approved on 29-Jun-2010, Level two Approved on 13-Dec-2010 Related Projects Public Disclosure Copy There are no related projects. Page 4 of 4