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Australian Torrens Energy with promising finds at Parachilna

Alexander Richter Alexander Richter 24 Jul 2009

Torrens Energy reports promising preliminary temperature results from intermediary depth validation drilling at its most advanced geothermal play, the Parachilna project in South Australia.

In a recent announcement, “Torrens Energy (ASX:TEY) has reported promising preliminary temperature results from intermediary depth validation drilling at its most advanced geothermal play, the Parachilna project in South Australia.

A temperature reading of 94.7 degrees C was returned at a depth of 1653m on the recently completed seismic line where basement has been interpreted between approximately 3000-4500m.

The temperature was recorded at the bottom of the hole after drilling had ceased for 24 hours, whereby an increase of less than 0.1 degrees C over that 24 hour period was recorded.

A final geothermal temperature gradient and heat flow estimate will be provided once the well has been allowed to equilibrate.

Drilling expenditure is match funded by a federal government Renewable Energy Development Initiative (REDI) grant, awarded in 2007 for AU$3m.

The grant covers the development of the company’s innovative temperature field modelling methodology (3D-TFM).”

Source: Company announcement via iStockAnalyst