Geodynamics with project updates in quarterly report
Easternwell drilling team at Jolokia 1 (source: Geodynamics Limited)
Alexander Richter
23 Nov 2010
In its regular reports to the Australian Stock Exchange, Australian Geodynamics provides an overview over its activities in the quarter ended September 30, 2010.
In its regular reports to the Australian Stock Exchange, Australian Geodynamics provides an overview over its activities in the quarter ended September 30, 2010.
The below are key highlights as quoted by Geodynamics.
?In its work at the granite reservoirs of Jolokia 1, the company used an innovative, purpose-built imaging tool and achieved a world first in logging the well bore in the high temperature and high pressure conditions there.
“Using the data from the imaging tool and other data from drilling operations and logs, Geodynamics received early indications of potential fractures in the zone targeted for hydraulic fracture stimulation at Jolokia 1.
With measured temperature of 278 centigrades, Jolokia 1 was confirmed the world’s hottest known EGS well -8 centigrades higher then Geodynamics’ Habanero 3 reservoir at the same depths.
Post the reporting period the Jolokia 1 well was successfully completed and the Joint Venture commenced the hydraulic fracture stimulation program with initial results announced in November 2010.
The AU$90 million Renewable Energy Demonstration Program funding deed was executed between Geodynamics and the Federal Government. Post the reporting period Geodynamics received conformation that the grant is now unconditional, with all the conditions precedent satisfied. The Company also executed the Geothermal Drilling Program grant deed which will allow the company to draw AU$7 million in funds related to its Hunter Valley geothermal project.
Planning for the “Shallows” Joint Venture has progressed with a two well exploration program planned to commence by December 2010 on the Company’s permit areas.
Source: Geodynamics release
