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Geodynmics signs rig agreement with Westpac PDF Print E-mail
Wednesday, 01 August 2007

Geodynamics Limited announced that it has signed an agreement  with Westpac Bank that “allows for the sale and lease back of its $32m Lightning Drill Rig.”

This agreement give GDY the flexibility to free up capital should it be required, and builds a relationship with Westpac that could prove valuable for capital intensive future stages of development.

 
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Newsflash

Graeme Beardsmore, Technical Director of Hot Dry Rocks, attended a PESA seminar in Melbourne to hear about temperature modelling, petroleum-industry-style. He was astonished by the evident lack of rigour still prevailing in the petroleum industry when it comes to thermal matters and commented that that industry’s disrespect of thermal modeling is scandalous and potentially damaging if it leaks into this sector!