Geodynamics completes acquisition of additional license in Cooper Basin
Overview map on Geodynamics' geothermal exploration licenses in the Cooper Basin, Australia (source: Geodynamics)
Alexander Richter
15 Feb 2011
Australian Geodynamics reports it has finalized the full acquisition of geothermal exploration licence GEL 268 from Clean Energy Australasia in the Cooper Basin.
In a release by Australian Geodynamics Limited, the company announces “that the transaction to acquire Geothermal Exploration Licence 268 (GEL 268) from Clean Energy Australasia Pty Ltd has been completed.
Further to the Company’s announcement of 30 November 2010, all requirements have been met, approval has been granted and Geodynamics has taken full ownership of the tenement.
The transaction saw 1,500,000 fully paid shares in Geodynamics issued to Clean Energy Australia in exchange for 100% interest in GEL 268.
GEL 268 is highly prospective for its Enhanced Geothermal Systems and Hot Sedimentary Aquifer exploration potential, complementing the Company’s flagship Cooper Basin EGS Project.
GEL 268 spans an area of 497 km2 expanding Geodynamics’ geothermal acreage to a total of 3,059 km2 and also joins the Company’s current exploration areas in South Australia and Queensland together.”
Source: Company release via e-mail
