Geodynamics acquires additional tenement in Cooper Basin
Aerial view of Habanero-1 in the Cooper Basin, Geodynamics site (source: pesa.com.au)
Alexander Richter
1 Dec 2010
Australian Geodynamics buys 100% ownership interest in geothermal license in the Cooper Basin, GEL 268, from Clean Energy Australasia in exchange for shares in the Geodynamics.
In an announcement by the company, Geodynamics reports it has “agreed to acquire 100% ownership interest in Cooper Basin located Geothermal Exploration Licence 268 (GEL 268), from Clean Energy Australasia Pty Ltd, in exchange for 1,500,000 fully paid shares in Geodynamics.
The acquisition of GEL 268 expands Geodynamics’ geothermal acreage across the Cooper Basin in South Australia and Queensland to a total of 3,059 km2 and links current exploration areas together. GEL 268 adjoins Geothermal Retention Licences (GRL’s) 5,6 and 7 held by Geodynamics and covers an area of 497 km2 from Innamincka to the Queensland border, and meets with Geodynamics’ Queensland tenement area EPG 6 (Geothermal Exploration Permit 6) in Nappa Merrie.
GEL 268 is prospective for Enhanced Geothermal Systems geothermal potential and possibly suitable for Hot Sedimentary Aquifer exploration. Initial assessment of the tenement shows the potential for deep granite below a large section of GEL 268 between the Innamincka GRL’s and the Queensland border, complementing the Company’s flagship Cooper Basin EGS Project.
Geodynamics’ Managing Director, Dr Jack Hamilton said, “Through this transaction, Geodynamics will own the greatest volume known of prospective EGS geothermal resources in Australia, in the hottest known place on Earth outside of volcanic centres. Linking the tenement areas together places Geodynamics in an even better position to provide future clean energy from this great Cooper Basin resource.”
The transaction is subject to approval by the Minister for Minerals Resource Development giving approval to the transfer of GEL 268 pursuant to any requirements in the South Australian Geothermal Energy Act.”
Source: Company announcement (pdf)
