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Investor's Guide to Geothermal Energy |
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Thursday, 25 September 2008 |
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“The Investor’s Guide to Geothermal Energy” was published in Europe this month by Forseo GmbH. While global in scope, it is a relevant reference for investors in the Australian geothermal sector, including insights and information from Geodynamics Ltd. You can find out more about this International Geothermal Association endorsed publication at: http://www.forseo.eu/english/publications.html. |
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Wednesday, 24 September 2008 |
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Jolokia 1 was completed at a depth of 4911 m. This was short of the target 5000 m, but a routine bit-change was recognised as a natural time to halt drilling. J1 will be shut in for an expected six months pending development of a “technical solution” to multi-fracture stimulation. Also, GDY has signed a contract for the construction and delivery of a second drill rig to operate in GDYs Cooper Basin licences. National Oilwell Varco will build the rig in Canada. Meanwhile, at Habanero, GDY is still working with equipment supplier Schlumberger to restore the troublesome pump to service, hopefully within eight weeks. |
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Wednesday, 24 September 2008 |
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An Indian company reneged on a financial deal worth $5m announced by Eden Energy last month. EDE suspended trading, and remains suspended at the time of writing. |
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Friday, 19 September 2008 |
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KUTh Energy Ltd announced to the ASX that it has applied for four geothermal exploration licences in Fiji. KEN’s focus in Fiji is on conventional geothermal developments from identified hot spring source aquifers close to the national electricity grid. KEN is the fifth ASX listed company (out of 10) to announce an equity interest in an overseas geothermal project. |
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Well Frome 12 Drilling Commences |
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Friday, 19 September 2008 |
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Geothermal Resources Ltd announced that it has begun drilling well Frome 12 to 1800 m to test thermal gradient above and within a modelled granite body in South Australia. Frome 12 will provide core to assess thermal insulation, and reveal the “extent of horizontal fracturing that will be critical to permeability.” |
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Thursday, 18 September 2008 |
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The Herald-Sun newspaper in Melbourne ran a piece by Olga Galacho on Thursday 18th. Ms Galacho called geothermal energy “a much-hyped product that promises all sorts of panaceas, but is never delivered.” She followed with “there are too many technical risks and market uncertainties surrounding geothermal technology”, and wound up her piece by suggesting that Minister Martin Ferguson “should not be guided by fossilised advice urging him to waste good money by throwing it down a big hole in the ground.” |
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Paper Presented at Symposium |
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Tuesday, 16 September 2008 |
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HDRPL Senior Consultant, Dr Gareth Cooper, presented a paper at the Eastern Australasian Basins Symposium in Sydney. The paper outlined HDRPL’s Geothermal Systems Analysis risk-based approach to exploration, covering ALL relevant exploration and development risks (not just temperature). |
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Torrens Energy Updates the Market |
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Thursday, 11 September 2008 |
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Torrens Energy Ltd has budgeted 91% more for exploration this year versus last financial year, and has begun drilling its Port Augusta and Adelaide Plains projects. These lie on the doorstep of Adelaide and are the closest geothermal drilling to a major Australian city yet undertaken. This aligns with TEY’s aim to develop geothermal energy “in the heart of infrastructure.” |
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Geodynamics Project Update |
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Wednesday, 10 September 2008 |
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Jolokia 1 was at 4879 m and approaching target depth of 5000 m, proving the viability of drilling geothermal wells through granite to that depth. Continuing frustrations at Habanero, however, with another pump problem stopping a second attempted circulation test after four days (target time is six weeks). The problem is with “O” rings. These are common weak points that even NASA has had trouble with in the past; nothing unique to geothermal. The supplier is working round the clock to fix the problem. |
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Tuesday, 09 September 2008 |
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Panax Geothermal has reached an agreement to acquire unlisted Osiris Energy Ltd, including OEL’s Penola Trough, Cooper Basin and other licences. The merger (valuing OEL at $14.8m) is subject to PAX raising a minimum $20m in new working capital. |
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