Australian Green Rock Energy with updates in Annual Report

Alexander Richter 29 Sep 2009

Australian Green Rock Energy just released its Annual Report for the year ended on June 30, 2009. The company is developing geothermal projects in Australia, namely in South and Western Australia, but also in Hungary in Europe.

“The Company has seven Geothermal Exploration Licences (GELs) totalling 2,897 square kilometres and two GEL applications (totalling 281 square kilometres) surrounding Olympic Dam Mine and the Roxby Downs township, where an underground heat anomaly is known to exist.

Green Rock Energy has completed all appropriate work at the Olympic Dam Project in preparation for drilling two deep geothermal wells, the construction of a demonstration power plant and the subsequent development of a major geothermal power plant complex.

Five of the GELs are under voluntary suspension while amendments to the Petroleum and Geothermal Energy Act proceed through the South Australian Parliament. The amendments will enable the Company to consolidate these GELs and renew a contiguous area.

In 2008 the Company applied for and was subsequently granted the following geothermal exploration permits (GEPs) in the Perth Basin, Western Australia: Six Permits in the northern part of the basin around the petroleum fields (GEPs 23 ­ 28) and two in the Enneabba area (GEP 3 and GEP4), and Two Permits in metropolitan Perth being the central Perth permit (GEP 1) which incorporates the Perth Urban Geothermal
Project, and the Alkimos permit (GEP 2) in the northern suburbs.

Three Permits over the Collie area in the southern part of the Perth Basin with Worsley Alumina Pty Ltd (GEPs 10 -12) The area released in the Perth Basin is generally prospective for hydrothermal projects.

In late 2008 the Company established Central European Geothermal Energy Kft (CEGE), in joint, 50%, ownership with Hungarys principal petroleum and energy company, MOL plc. which holds the largest hydrocarbon tenements in Hungary. CEGEs aim is to become the market leader in geothermal energy in Hungary. CEGE has identified four major geothermal projects in Hungary and is currently undertaking seismic interpretation to complete the detailed hydro-geological modelling to select the appropriate project sites. These projects are prospective for both electricity production and district heating.”

Consolidated net assets at year end were $9,831,678 against $12,002,204 at the close of the prior year. Total cash held at year end was $638,204 (2008: $2,858,934).”

Source: Company report via The Age