News

Geothermal Resources sold one of its petroleum exploration licenses in SA

Frome Drilling site, Geothermal Resources, Australia
Alexander Richter 2 Jun 2011

Australian geothermal developer Geothermal Resources has announced it sold one of its petroleum licenses in South Australia to raise revenues and cut costs.

News from Australia today reported that geothermal “exploration company Geothermal Resources has sold one of its exploration licences in south-east South Australia to raise revenue and cut costs.

Its quarterly report released to the stock exchange says the company would reduce its geothermal projects to minimise expenditure and preserve capital.

The company has sold a petroleum exploration licence near Robe and relinquished another near Mount Gambier.

The company says it is holding out until a carbon tax makes green energy sources more competitive.”

Source: ABC South East