Fervo Energy Learning Curve Continues on 3rd Generation Well Design, Boosting Drilling Rates by 143% Since Its First Cape Station Well

Fervo Energy, the leader in enhanced geothermal systems (EGS), today announced that it has drilled Sawtooth 7, the ninth well using its 3.0 well design at Cape Station for Phase II, from spud to total depth (TD) in 21 days.

Setting a new company record for drilling pace on its most complex well design to date, Sawtooth 7 reached a measured depth of 19,448 feet with a 7,500-foot lateral in a 460 degrees Fahrenheit resource. In February 2024, Fervo announced that it had drilled its fastest well to date for Cape Station Phase I in just 21 days, representing a 70% reduction in drilling time compared to its first commercial horizontal well at Project Red in 2022. With the completion of Sawtooth 7, the company has achieved the same 70% reduction in drilling time with a well that is substantially deeper, hotter, and longer than the Fervo 2.0 well design used in Cape Phase I. The result reinforces Fervo’s core strategic thesis that incremental learnings will drive meaningful productivity gains and cost reductions over time.

“We have long believed that learning curves would enable Fervo to drill increasingly deeper, accessing higher-temperature rock without meaningfully increasing drilling costs,” said Fervo CEO and co-founder Tim Latimer. “With this momentum from initial Phase II drilling, we expect Fervo’s 3.0 well design to produce substantially more megawatts per well and significantly improve the unit economics of future GeoBlocks™. Based on our performance to date, we believe Cape Phase II is on track to deliver at $5,5..."