Australian Greenearth Energy updates in half-year results
Australian geothermal developer Greenearth Energy Ltd provides an overview on its corporate developments in its half year results from earlier this week.
In its half year report, Australian geothermal developer Greenearth Energy Ltd (ASX:GER) provides the following overview on its corporate developments. “During the six months to 31 December 2008, our Company made substantial progress across its three Geothermal Exploration Permit (GEP) areas in its exploration corporate and community development work.
September 2008 commenced with the appointment of a new Managing Director and the move to new premises followed by the Bellarine Peninsula (GEP10) Magneto Telluric (MT) survey commencing in early November. Later the same month Greenearth Energy Limited in collaboration with the University of Auckland commenced a Micro Earthquake (MEQ) Monitoring pilot trial in the Lakes Oil N.L. Loy Yang-2 well onshore Gippsland (GEP13).
December 2008 saw Greenearth Energy Limited publish Victoria’s first statement of Inferred Resource for the
Anglesea area (GEP10) and combined with a substantial, coordinated program of key stakeholder meetings and presentations, successfully garnered support for the Company’s application to the Federal Government for $7M under the Geothermal Drilling Program (GDP) for a proof-of-concept pair (couplet) of wells.
Following on from our GEP10 statement of Inferred Resource for the Anglesea area, Greenearth Energy Limited published a second Victorian Inferred Resource statement (January 5, 2009) for the onshore Gippsland Wombat field area resulting in a second GDP application for funding ($7M) for a similar proof-of-concept pair (couplet) of wells.
Finally understanding and recognising the impact of the current worldwide financial crisis we took measures during the half-year to, where possible, reduce spend and conserve our cash reserves. We ended the reporting period holding $6.3 million in cash.
Post reporting period our corporate and community development work continues to gain significant momentum in light of our dual Inferred Resource statements and GDP applications. Our profile and stakeholder engagement strategy is providing the company with greater exposure to potential investor and technology partnerships. Our strategic vision of seeking partners in the Pacific Rim gains momentum as does our collaborative work with the Royal Melbourne Institute of Technology (RMIT) in particular.
Greenearth Energy Limited has also made a strategic investment in Pacific Heat and Power Pty Ltd. Pacific Heat and Power Pty Ltd provide solutions that address high energy and environmental costs. Their innovative electricity generation products are based on proven world-class technologies which provide increased energy productivity, reliability, operational savings and lower greenhouse gas emissions. The investment of $300,000 made via cash injection and shares in Greenearth Energy Limited has given Greenearth Energy Limited a 33.06% stake and a seat on the Board of Directors.”
Source: Company financial report for half year results (via smh.com.au)