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Hot Rock Ltd. receives extension of Koroit permit

Hot Rock Ltd. receives extension of Koroit permit Otway Basin, Victoria (source: HotRock)
Alexander Richter 3 Feb 2014

Australian developer Hot Rock Limited has received a 5-year extension of its permit for its Koroit project in Australia, allowing the company to continue to hold on the project and seek potential investors.

The geothermal project in Koroit in the Otway Basin, covering western Victoria and parts of South Australia, has received an extension for its exploration permit.

The developer, Hot Rock Limited, has now five more years to secure funding from investors for the project. The company does not expect to be drilling until at least 2017.

The chairman of Hot Rock, Dr. Mark Elliot said that the company is in talks with a potentially interested party to come on board for the project. The project requires around AU$30 millino for the drilling of two wells, but the project is expected to cost around AU$140 million.

Hot Rock plans to hand in a renewed application to the Australian Renewable Energy Agency. In 2011, it had received $7 million in funding which were later withdrawn after the project stalled.

Source: The Standard