Geodynamics’ MD Gerry Grove-White resigns

Drilling crew of Geodynamics at work (source: Geodynamics)
Alexander Richter 23 Jun 2010

Geodynamics' managing director Gerry Grove-White resigns to pursue other interests. At the same time the Chairman of the company will retire as well, with a replacement found within Chairman elect Keith Spence.

“Geodynamics announces a change of leadership to drive the next stage of its development path, after its Managing Director resigned after three years in his role as Managing Director to purse other interest.”, so an announcement from the company today. He will leave the company on July 9, 2010.

According to the company release, “The Company will seek a new Managing Director to focus on its key deliverables of the commissioning of the 1 MW Power Plant and work program leading to the planned 25 MW investment decision and its roll out over the coming few years.

Dr Jack Hamilton, former head of Woodside’s North West Shelf project and a Non-Executive Director since 2006 will immediately assume the role of Managing Director for an interim period. Jack has 28 years experience in the oil and gas sector with careers with Woodside, Shell and more recently leadership of Exergen Pty. Ltd, a low emission coal development company. A search will commence for a permanent replacement Managing Director to see the Company through to the 25 MW Commercial Demonstration Plant. Gerry will assist the Company during the leadership transition.

The Board expresses its appreciation for Gerry’s contribution to growing Geodynamics’ delivery capabilities, required in order to develop a major source of emissions free, baseload power. Under Gerry’s leadership, Geodynamics has concluded the Origin Energy joint venture farm-in, secured Tata Power and Sunsuper/Sentient as cornerstone investors, drilled the Company’s deepest well at Jolokia and been awarded a AU$90 m REDP Grant from the Federal Government for the development of the 25 MW Commercial Demonstration Plant.

Martin Albrecht, the Chairman of Geodynamics Limited has also notified the Board of his intention to retire from the Board and from his role of Chairman of the Company at the November AGM. The Board has reviewed internal and external candidates and is pleased to announce the appointment of Keith Spence as Chairman Elect.

Keith will assume the role of  Chairman following the AGM. In his role as Deputy Chairman, to which he was appointed after last year’s AGM, Keith has worked closely with Martin and they will continue to work together over the intervening period to ensure a smooth transition. Martin has also offered his ongoing services post retirement to the Board to support the Company’s development.

Keith Spence joined the Board of Geodynamics in July 2008 following a successful career with both Woodside and Shell. He has over 30 years experience in the oil and gas industry, covering all aspects from exploration, development and operations.

Martin Albrecht joined Geodynamics Ltd at its inception in 2000 and has guided the company from its early exploration days through the current development phase and has been at the forefront of establishing a geothermal sector in Australia.

Martin Albrecht said “The appointments of Keith Spence and Jack Hamilton demonstrate the depth of experience and capability, particularly within the sub-surface area, that is held within Board of Geodynamics. I am confident that their leadership will further underpin the
Company’s ongoing successful development.”

Finally, the Company wishes to advise operationally, that flood waters in the Cooper Basin have receded such that mobilisation to re-commence operations at Jolokia 1 and the work program for stimulation is well underway.”

Source: Company announcement (pdf)