Australia: Planet Gas finalizing acquisition of Gradient Energy Limited
Alexander Richter
26 Aug 2009
Australian Planet Gas Limited announces finalization of its acquisition of public, non-listed geothermal developer Gradient Energy Ltd., an Australian geothermal exploration and development company, with projects covering 18,300 km² in the country.
Already announced in June, Australian Planet Gas Limited (ASX:PGS) is now announcing the finalization of its acquisition of non-listed geothermal developer Gradient Energy Ltd.
Planet Gas is an Australian-based, ASX-listed Coal Bed Methane (CBM) exploration and development company, but is currently reviewing its business strategy. The acquisition of Gradient Energy Limited is a sign of the company moving in the energy development business.
“Gradient is a public, unlisted Australian geothermal exploration and development company, with projects
covering 18,300 km² as follows:
NSW Clarence Moreton and Gloucester: In NSW, Gradient has identified two separate geological basins it believes are prospective for geothermal energy resources. Both projects are near the east coast and close to significant population centres.
South Australia Cooper/Eromanga Basin and the Torrens Hinge zone: Gradient’s licences in South Australia cover almost 6,101 km² of highly prospective ground in Australia’s most advanced geothermal exploration province – the Cooper/Eromanga Basin. The Eromanga project is located north of Geodynamics flagship Habanero project, and near to Pacific Hydro’s HGA project.
The Leigh Creek application covers 6,600 km² centred over the Leigh Creek Coal mine and at the head of the electricity grid that feeds into Adelaide. The project is located within a key geothermal heat flow province, with Torrens Energy’s Parachilna project on the southern border and in a similar geological setting as Petratherm’s Paralana project located 75 kilometres to the east.
Queensland Innot Hot Springs: The Innot Hot Springs project is located 10 kilometres from the east coast electricity transmission network, midway between Townsville and Cairns.
Initial exploration by the Company will focus on shallower Hot Sedimentary Aquifer (‘HAS’) and Hot Fractured Aquifer (‘HFA’) targets with immediate access to existing electricity infrastructure and good proximity to the large electricity markets of Sydney, Newcastle, Brisbane and Townsville.
The portfolio also has several Hot Fractured Rock (‘HFR’) targets of the style being explored by Geodynamics in the Cooper Basin of South Australia.
Source: Wot News (June 2009 news), Company announcement of Half Year Accounts, via The Sydney Morning Herald
