Australia: Origin Energy to farm-in to Eden Energy’s geothermal license
Eden Energy Ltd. announces that it has entered into an agreement with utility Origin Energy Ltd., for Origin to farm-in to Eden's Cooper Basin Geothermal Licence No. 185 in South Australia.
In an announcement to the Australian Securities Exchange, Eden Energy Ltd. announces that it has entered into an agreement with Origin Energy Ltd (“Origin”), a major Australian energy utility, for Origin to farm-in to Eden’s Cooper Basin Geothermal Licence No. 185 in South Australia. The agreement is conditional upon approval by the South Australian Government Origin will pay to Eden $1 million cash and will bear the first $500,000 of expenditure on the licence, to earn a 70% interest in GEL 185. Each party will then contribute proportionally to further expenditure. Origin will be operator of the project.
Eden, directly and through its wholly owned subsidiary Terratherma Ltd, retains 100% interest in all of its remaining geothermal licences in South Australia. GEL 185 adjoins the geothermal licences of Geodynamics Ltd in the Cooper Basin where Geodynamics has undertaken a considerable amount of drilling and other work and identified a significant geothermal energy resource. In 2007, Origin entered into an agreement with Geodynamics to farm-in to a 30% interest in Geodynamics’ geothermal licences. Origin is also a
substantial shareholder in Geodynamics.”
Further details in complete announcement, link below
Source: The Age